Recommendations of Direct Taxes Enquiry Committee.

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....endation No. 140-All Scheduled Banks should be barred from providing credit facilities above Rs. 25,000 at any point of time to any person, unless he gives an affidavit to the effect that he has not been subject to any penalty or prosecution for concealment of income/wealth during the immediately preceding three years." Accepting the above recommendation in principle, the Government have decided ....

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....(c) of the Income-tax Act, 1961; or (ii) Section 18 (1) (c) of the Wealth-tax Act, 1957. This should include only those cases where the penalty has become final during the quarter viz. either no appeal/revision petition has been filed against the order of penalty; or if the penalty has been disputed in appeal/revision the penalty order is partially or wholly upheld by the Income-tax Appellate Tr....