Supersession of Circular No. 18D dated 15-7-63 regarding penalty under sec. 221 of the Income-tax Act

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..... rcular No. 18D dated 15-7-63 regarding penalty under sec. 221 of the Income-tax Act. It has been brought to the notice of the Central Board of Direct Taxes that notwithstanding the amendment of section 221 of the Income-tax Act, 1961, through section 53 of the Taxation Laws (Amendment) Act, 1975, adding a specific Explanation to the effect that penalty under section 221 will be exigible even in .....

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