(3)No order imposing a penalty under sub-section (2) shall be made,-(a)unless an assessee has been given a reasonable opportunity of being heard;(b)by the ][Assistant Commissioner or Deputy Commissioner] [ Substituted by Act 21 of 1998, Section 3, for " Assistant Commissioner" (w.e.f. 1.10.1998).] or the [Assistant Director or Deputy Director] [ Substituted by Act 21 of 1998, Section 3, for " Assistant Director" (w.e.f. 1.10.1998).][, as the case may be, where the amount of penalty exceeds twenty thousand rupees except with the previous approval of the ] [Inserted by Act 14 of 1997, Section 6 (w.r.e.f. 1.1.1997).][Joint Commissioner] [ Substituted by Act 21 of 1998, Section 3, for " Deputy Commissioner" (w.e.f. 1.10.1998).] or the [Joint Director] [ Substituted by Act 21 of 1998, Section 3, for " Deputy Director" (w.e.f. 1.10.1998).][, as the case may be; [Inserted by Act 14 of 1997, Section 6 (w.r.e.f. 1.1.1997).](c)in a case where the assessment is the subject-matter of an appeal to the Commissioner (Appeals) under section 246 ] [or section 246-A] [ Inserted by Act 10 of 2000, Section 59 (w.e.f. 1.6.2000).][or an appeal to the Appellate Tribunal under section 253, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which the order of the Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the Chief Commissioner or the Commissioner, whichever period expires later; [Inserted by Act 14 of 1997, Section 6 (w.r.e.f. 1.1.1997).](d)in a case where the assessment is the subject-matter of revision under section 263, after the expiry of six months from the end of the month in which such order of revision is passed;(e)in any case other than those mentioned in clauses (c) and (d), after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later;(f)in respect of search initiated under section 132 or books of account, other documents or any assets requisitioned under section 132-A, after the 30th day of June, 1995, but before the 1st day of January, 1997.Explanation. - In computing the period of limitation for the purpose of this section,-(i)the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129;(ii)the period during which the immunity granted under section 245-H remained in force; and(iii)the period during which the proceedings under sub-section (2) are stayed by an order or injunction of any Court, shall be excluded.
