Order under section 119(2)(a)(b) of Income-tax Act, 1961--Penalties based on cancelled/annulled assessments--Authorisation by the CBDT for taking action in respect of such penalties under section 154 beyond the time limit prescribed under section 154(7). - Income Tax - 091

Circular Number: 091 Dated 08/03/1972 Subject : Order under section 119(2)(a)(b) of Income-tax Act, 1961--Penalties based on cancelled/annulled assessments--Authorisation by the CBDT for taking action in respect of such penalties under section 154 beyond the time limit prescribed under section 154(7). In the Boards Circular No. 87* (F. No. 245/25/71-A PAC) dated 19-6-72, for the reference to the Board's Circular No. 71 dated 26-3-1972, please substitute Circular No. 81 dated 6-3-1972.