(2)[ The provisions of this section as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any action initiated for the imposition of penalty on or before the 31st day of March, 1989.] [ Inserted by Act 36 of 1989, Section 26 (w.r.e.f. 1.4.1989).][Explanation. - In computing the period of limitation for the purposes of this section,-(i)the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129;(ii)any period during which the immunity granted under section 245-H remained in force; and(iii)any period during which a proceeding under this Chapter for the levy of penalty is stayed by an order or injunction of any Court, shall be excluded.]
