CBDT Circular on penalties based on cancelled / annulled assessments

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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)

Circular : No.87 [F.No. 245/25/71-A & PAC], dated 19-6-1972 in supersession of Circular No. 81 [F.No. 245/25/71-A & PAC], dated 26-3-1972.

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 was sent with the Board’s above-noted Circular dated 26-3-1972. A copy of this revised order is attached herewith. This may be brought to the notice of ITOs/AACs/IACs in your charge.

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