Penalties u/s 271(4A) of Income Tax Act 1961.

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..... iries were in progress, the assessee came forward with an offer of settlement. A settlement was finally arrived at, which, according to the Commissioner of Income-tax, was in the best interest of revenue as, in the normal course, the Department could not frame an assessment on the figures agreed to by the assessee nor levy any penalty. Assessments were made accordingly and penalties were reduced u .....

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..... ng a search in which unaccounted cash or other incriminating documents were discovered cannot be considered a voluntary one. 3. The Board desire that the instructions cited para 2 above should be followed scrupulously so as to avoid recurrence of such in future. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - .....

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