Is there a Time Limit for Initiation of Prosecution Proceeding Under I.T.Act?

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This is a very common question in the mind of an assessee whoever thinks the possibility of getting a notice of prosecution. Or feel a risk of prosecution proceeding. There is a reason for such a plain question also. There are prescribed time limits for issue of notices ,for selection of scrutiny cases or reassessment, passing assessment order or penalty order or even the attachment notices. So, it is but natural to ask if there is any time limit for launching prosecution proceeding

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