Levy of penalty under section 140A(3) of the Income-tax Act, 1961and Section 15B(3) of the Wealth-tax Act, 1957. - Income Tax - 419/CBDT

INSTRUCTION NO. 419/CBDT Dated: May 26, 1972 Section(s) Referred: 15B(3) Statute: Wealth Tax Act, 1957 Attention is invited to Board's Instruction NO. 389 issued from F.NO. 236/249/70-IT (Audit) dated the 13th March, 1972 regarding levy of penalty under section 140A(3) of the Income-tax Act, 1961. Section 15B(3) of the Wealth-tax Act, 1957 provides for levy of penalty for non-payment of taxes or any part thereof in accordance with the provisions of sub-section (1) of Section 15B. Since the two provisions are similar in scope and nature, the Board have decided that the instructions laid down in the above instruction No. 389 will apply mutatis mutandis in respect of section 15B of the Wealth-tax Act as well. 2. These instructions may kindly be brought to the notice of all officers.