CBDT Circular on Section 154 Of The Income-Tax Act, 1961 – Rectification Of Mistake – Apparent From Records – 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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SECTION 154 OF THE INCOME-TAX ACT, 1961 – RECTIFICATION OF MISTAKE – APPARENT FROM RECORDS – 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. 81 [F.NO. 245/25/71-A…

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