Penalties based on cancelled/annulled assessments - Authorisation by the Board for taking action in respect of such penalties under section 154 beyond the time limit specified under section 154(7) - Order under section 119(2)(a)/(b)

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..... for taking action in respect of such penalties under section 154 beyond the time limit specified under section 154(7) - Order under section 119(2)(a)/(b) I am directed to invite a reference to the Board's Circular No. 71 [F.No. 245/25/ 71-A & PAC], dated 26-3-1972 and to say that the CBDT have passed a revised order of date in supersession of their earlier order dated 28-2-1972, a copy of which .....

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..... ct of appeal or where it has been confirmed on appeal by the Appellate Assistant Commissioner or on revision petition by the Commissioner/Additional Commissioner, there will be justification for cancellation of the penalty order by the income-tax authority concerned under section 154; if the penalty order of the ITO/AAC/IAC is final, the respective authority will be entitled to cancel it, but if t .....

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..... type mentioned above, waiving for this purpose, as may be necessary, the time limit prescribed under section 154(7). It is clarified that this order will not apply to— (a) penalties which stand confirmed by the Income-tax Appellate Tribunal/High Court/Supreme Court ; (b) penalties based on assessments which have been set aside for being framed de novo ; and (c) penalties in respect of asses .....

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