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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Circular on Prosecution u/s 276(b) for Non-Compliance with Income Tax Act Section 133(4) by Assessees.</h1> The circular addresses the prosecution of an assessee under section 276(b) for failing to comply with section 133(4) of the Income Tax Act, 1961. It references a case where the Income-tax Appellate Tribunal allowed a deduction for a secret commission allegedly paid by a bookseller, based on speculative factors. The Board did not accept this decision and filed a reference. It suggests verifying in writing if the assessee paid a commission over Rs. 400. If admitted, prosecution should follow for non-disclosure in the income return. If denied, a specific notice under section 133(4) should be issued, and non-compliance may also lead to prosecution.
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