Penalty under section 271(1)(c) requires a confidential note when returned income falls short; noncompliance will be addressed. Where returned income is less than eighty percent of assessed income and the Explanation to section 271(1)(c) is not invoked, the assessing officer must record a confidential note on the order sheet stating reasons for not initiating penalty proceedings; audit has found failures to do so and officers are to be reminded that compliance is mandatory and severe action may follow repeated disregard.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty under section 271(1)(c) requires a confidential note when returned income falls short; noncompliance will be addressed.
Where returned income is less than eighty percent of assessed income and the Explanation to section 271(1)(c) is not invoked, the assessing officer must record a confidential note on the order sheet stating reasons for not initiating penalty proceedings; audit has found failures to do so and officers are to be reminded that compliance is mandatory and severe action may follow repeated disregard.
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