(5)The order imposing a penalty under sub-section (2) shall not be made—(a)unless an assessee has been given a reasonable opportunity of being heard;(b)by the Deputy Commissioner or Assistant Commissioner or the Deputy Director or Assistant Director, where penalty exceeds ₹ 200000 except with the previous approval of the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director;(c)in a case where the assessment is the subject-matter of an appeal under section 357 or 362,—(i)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(ii)six months from the end of the financial year in which the order of the Commissioner (Appeals) or the Appellate Tribunal is received by the jurisdictional Principal Commissioner or Commissioner,whichever period expires later;(d)in a case where the assessment is the subject-matter of revision under section 377, after the expiry of six months from the end of the financial year in which such order of revision is passed;(e)in any case other than those mentioned in clause (c) and (d), after the expiry of the financial year in which the proceedings, in the course of which notice for the imposition of penalty has been issued, are completed, or six months from the end of the financial year in which notice for imposition of penalty is issued, whichever period expires later.
