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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Officers urged to examine past records to prevent omission of share income, initiate penalties per Section 271(1)(c).</h1> The circular addresses a case where an Income-tax Officer failed to identify a partner's omission to declare share income from a firm, leading to a reassessment and penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961. It emphasizes the need for assessing officers to examine previous assessment records to avoid such oversights. The circular instructs officers to be vigilant and initiate penalty proceedings if similar omissions are detected, ensuring compliance with tax obligations. These instructions are to be communicated to all Income-tax Officers to prevent future errors.
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