Recommendations of Direct Taxes Enquiry Committee.

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..... ereunder:- "Recommendation No. 140-All Scheduled Banks should be barred from providing credit facilities above Rs. 25,000 at any point of time to any person, unless he gives an affidavit to the effect that he has not been subject to any penalty or prosecution for concealment of income/wealth during the immediately preceding three years." Accepting the above recommendation in principle, the Gov .....

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..... - (i) Section 271 (1) (c) of the Income-tax Act, 1961; or (ii) Section 18 (1) (c) of the Wealth-tax Act, 1957. This should include only those cases where the penalty has become final during the quarter viz. either no appeal/revision petition has been filed against the order of penalty; or if the penalty has been disputed in appeal/revision the penalty order is partially or wholly upheld by t .....

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..... ich case both the principal and the representative as such shall be denied facilities. It will not be denied to any other legal entity. 3. The Commissioners of Income-tax will accordingly furnish a quarterly report in the enclosed proforma so as to reach the Director of Inspection (Research Statistics), Mayur Bhawan, 6th Floor, Connaught Circus, New Delhi, by 20th of the month immediately foll .....

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