Extension of Board's instruction No.1622 to WT and GT.

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Full Text of the Document

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....able u/s.271(1) (a), 271(1)(b) or 273 of the I.T.Act does not exceed Rs.500. The aforesaid instruction was issued in respect of penalty proceedings under the I.T.Act only and was not extended to Wealth-tax & Gift-tax proceedings. It has been reported that in a large number of cases of Wealth-tax and Gift tax also similar penalty proceedings have been initiated and are pending. 2. It may be poin....