9911796707
TMI BlogAmendment of provisions of s 271(1)(i),deletion of ss (2) of s274 of Income-tax Act, 1961.X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1075 which have come into force on 1-4-1976 have been explained in the Board's Circular No. 204** (F. NO. 132/5/76-TPL), dated 24-7-1976. Paras 61 and 65 of the said circular deal, inter alia with the effect of amendment of the provisions of section 271(1)(i) and deletion of sub-section (2) of section 274 of the Income-tax Act, 1961. 2. Under sub-clause (i) of sub-section (1) of section 271 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the Board. The Board are of the view that the default in such cases is a continuing one, as the obligation to file the return continued, day after day, even after the expiry of the period laid down in the Act. The penalty has to be reckoned for every month during which the default continued. The new provisions would apply in relation to the period of the default after 31-3-1976. While the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... commenced before 1-4-1976, the penalty orders would have to be passed by the Inspecting Assistant Commissioners. 4. The effect of deletion of sub-section (2) of section 274 cases where the assessment is made after 1-4-1976 has also been examined. The Board are of the view that as the assessment is made after 1-4-1976, the Income-tax Officer cannot refer the case to the Inspecting Assistant Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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