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Penalty proceedings levy of penalty u/s 271(1)(a) in cases of partners of firms.
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....eded to levy penalty u/s 271(1)(a) of the I.T. Act, 1961, on an assessee who was also a partner in a firm, on the basis of tax determined in the original assessment which took into account his share income from the firm only provisionally. Subsequently, the assessment of the firm was completed by another I.T. Officer in a different circle and the particulars of the share income of the partner were....
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....assessed in a different circle. (ii) The I.T. Officer was anxious to complete the penalty proceedings within one year of the completion of the assessment in this case; this was in accordance with Board's instructions contained in Para 19(vii)(b) of Chapter XII of Office Manual Vol. II Section II. 3. The Board feel that such hasty actions to augment disposals will adversely affect the interes....