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of <h1>CBDT Circular Urges Clearing Penalty Case Backlog by Dec 31, 1988; Focus on Sections 143(1), 140A(3) & 271.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses the backlog and inefficiency in handling penalty proceedings under the Income-tax Act. It emphasizes prioritizing the disposal of pending penalty cases, particularly those under sections 143(1) and 140A(3), by December 31, 1988. It instructs Commissioners to create action plans to reduce pending cases and mandates that penalties under sections 271(1)(a), 271(1)(b), and 273 not exceed five hundred rupees be dropped. The circular stresses the importance of careful initiation and management of penalty proceedings, ensuring timely and well-supported decisions, and adjusting penalties in line with revised assessments.
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