Section 275 of ITA, 1961 : Section 275: Bar Of Limitation For Imposing Penalties

ITA, 1961

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Explanation using Example

Imagine a company, ABC Corp, filed its income tax return for the financial year 2020-2021. The Income Tax Department found discrepancies in the return and initiated penalty proceedings under the Income-tax Act, 1961 for concealing income. However, ABC Corp disagreed with the assessment and appealed to the Commissioner of Income-tax (Appeals).

The Commissioner of Income-tax (Appeals) took time to review the case and eventually passed an order on 15th December 2022. According to S...

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