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of <h1>Simplified Tax Penalty Process: No Wealth Statements Needed if Income Below Rs. 25,000 u/s 271(1A).</h1> The circular dated November 13, 1972, addresses the procedure for obtaining total wealth statements in income tax cases. It modifies previous instructions by stating that for petitions under Section 271(1A) seeking reduction or waiver of penalties under Section 271(1)(a), the Commissioner of Income Tax need not require total wealth statements if the total income for any given year does not exceed Rs. 25,000. This decision aims to simplify the process for small income cases by eliminating the need for detailed wealth statements in such instances.
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