Income-tax Officers do not initiate penalty proceedings under section 271(1)(a) of the Income-tax Act, 1961 in a number of cases, by exercising their discretion

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Income-tax Officers do not initiate penalty proceedings under section 271(1)(a) of the Income-tax Act, 1961 in a number of cases, by exercising their discretion depending upon the facts and circumstances of each case. While doing so, it is found that the Income-tax Officers do not generally record their reasons for non-initiation of penalty proceedings under this section. The Board's circular F.N....