709/CBDT. - Income Tax - 709/CBDT

INSTRUCTION NO. 709/CBDT Dated : June 29, 1974 Section(s) Referred: 18(2A) ,271(4A) Statute: Income - Tax Act, 1961 It has been brought to Board's notice that in the orders passed by Commissioners under section 271 (4A) of I.T.Act, 1961/18(2A) of Wealth Tax Act, 1957, the amount of penalty waived/reduced is not always mentioned. The Board consider that though there is no legal requirement in the concerned sections for specifying the amount of penalty waived/reduced in the order yet with a view to making it a speaking order the amount of penalty waived/reduced must invariably be mentioned in the order. This requirement would also enable the Commissioner to decide in advance whether or not Board's approval in terms of proviso to section 271(4A) of the I.T.Act, 1961 or 18(2A) of the Wealth-tax Act, 1957 is required.