(5)[ No order imposing a penalty under this section shall be passed-(i)in a case where the assessment to which the proceedings for imposition of penalty relate is the subject-matter of an appeal to the Joint Commissioner (Appeals) or the Commissioner (Appeals) under section 23 or an appeal to the Appellate Tribunal under sub-section (2) of section 24, 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 Joint Commissioner (Appeals) or the Commissioner (Appeals) or, as the case may be, the Appellate Tribunal is received by the Chief Commissioner or Commissioner, whichever is later;(ii)in a case where the relevant assessment is the subject-matter of revision under sub-section (2) of section 25, after the expiry of six months from the end of the month in which such order or revision is passed;(iii)in any other case, 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.Explanation.-In computing the period of limitation for the purpose of this section,¬-(i)any period during which the immunity granted under section 22-H remained in force;(ii)the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 39; and(iii)any period during which a proceeding under this section for the levy of penalty is stayed by an order or injunction of any Court, shall be excluded.
