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

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....er 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.No.58/2/63-IT, dated the 1st October, 1963 and F.No.81/114/68....