Penalty non-initiation extended to wealth and gift tax, directing non-initiation and dropping of small-penalty proceedings. Extension of Board Instruction No.1622 directs that penalty proceedings under the Wealth-tax Act, 1957 and the Gift-tax Act, 1958 for assessment year 1988-89 and earlier need not be initiated where the maximum penalty imposable does not exceed Rs.500, and that all pending such proceedings should be dropped; the extension reflects corresponding changes in penalty provisions effective from assessment year 1989-90.
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Provisions expressly mentioned in the judgment/order text.
Penalty non-initiation extended to wealth and gift tax, directing non-initiation and dropping of small-penalty proceedings.
Extension of Board Instruction No.1622 directs that penalty proceedings under the Wealth-tax Act, 1957 and the Gift-tax Act, 1958 for assessment year 1988-89 and earlier need not be initiated where the maximum penalty imposable does not exceed Rs.500, and that all pending such proceedings should be dropped; the extension reflects corresponding changes in penalty provisions effective from assessment year 1989-90.
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