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Bar of limitation for imposing penalty.

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..... osition of penalty is issued under section 46. (2) An order imposing, or dropping the proceedings for imposition of, penalty under this Chapter may be revised, or revived, as the case may be, on the basis of assessment of the undisclosed foreign income and asset as revised after giving effect to the order of the Commissioner (Appeals), the Appellate Tribunal, the High Court or the Supreme Court .....

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..... er for the levy of penalty is stayed by an order, or injunction, of any court. - Clause 47.- relates to bar of limitation for imposing penalty. It, inter alia, provides for the time limit for passing the penalty orders. It further provides that in computing that period of limitation, certain specified time periods shall be excluded. It also provides that an order imposing or dropping the proce .....

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