https://www.taxtmi.com/circulars?id=10095 Where returned income is less than eighty percent of assessed income and the Explanation to section 271(1)(c) is not invoked, the assessing officer must record a confidential note on the order sheet stating reasons for not initiating penalty proceedings; audit has found failures to do so and officers are to be reminded that compliance is mandatory and severe action may follow repeated disregard. en-us Sat, 01 Sep 1973 00:00:00 +0530 Fri, 17 Jun 2011 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10095 Where returned income is less than eighty percent of assessed income and the Explanation to section 271(1)(c) is not invoked, the assessing officer must record a confidential note on the order sheet stating reasons for not initiating penalty proceedings; audit has found failures to do so and officers are to be reminded that compliance is mandatory and severe action may follow repeated disregard. Circulars Income Tax Sat, 01 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10095