Procedure of obtaining total wealth statements. - Income Tax - 471/CBDT

INSTRUCTION NO. 471/CBDT November 13, 1972 Section(s) Referred: 271(1)(a) ,271(4A) Statute: Income - Tax Act, 1961 Please refer to Board's Instruction No. 46, dated the 14th May, 1969 (F. No. 1/17/69-IT(Inv.) and Confidential letter under F.No. 1/33/68-IT(Inv.), dated the 29th September, 1969. 2. While seeking clarifications on the Board's Confidential letter F. No. 1/33/68-IT((nv.), dated the 29th September, 1969, some of the Commissioners and Addl. Commissioners have proposed that the procedure of obtaining total wealth statements should be dispensed with in small income cases when dealing with petitions u/s 271(1A) for reduction/waiver of penalties u/s 271(1)(a). The Board have decided that in cases where reduction or waiver of penalty u/s 271(1)(a) is asked for, the Commissioner of I.T., need not insist on total wealth statements as at the beginning and end of the disclosure period if the total income determined in any year does not exceed Rs. 25,000/-. 3. Board's earlier instructions on the subject stand modified to the above extent.