https://www.taxtmi.com/circulars?id=9884 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. en-us Wed, 27 Jun 1990 00:00:00 +0530 Thu, 09 Jun 2011 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9884 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. Circulars Income Tax Wed, 27 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9884