Audit of accounts under section 44AB of the Income-tax Act, 1961-Penalty under section 271B for assessment year 1985-86-Regarding

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... missioner (Admn.) and Commissioner of Income-tax, Gujarat-I, Ahmedabad. Subject: Audit of accounts under section 44AB of the Income-tax Act, 1961-Penalty under section 271B for assessment year 1985-86-Regarding. Reference is invited to Circular No. 422, dated 19th June, 1985,* to the effect that penalty proceedings under section 271B of the Income-tax Act, 1961, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... s. The Board has since considered this matter. The officers working in the jurisdiction of the Gujarat High Court, while deciding on initiation of penalty itself under section 271B of the Income-tax Act, 1961 (for the assessment year 1985-86), should keep in view and give due or proper weight to the fact that the High Court upheld only on 31st March, 1986, the validity of the provisions of secti .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X