Extension of Board's instruction No.1622 to WT and GT.

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..... f the I.T.Act does not exceed Rs.500. The aforesaid instruction was issued in respect of penalty proceedings under the I.T.Act only and was not extended to Wealth-tax Gift-tax proceedings. It has been reported that in a large number of cases of Wealth-tax and Gift tax also similar penalty proceedings have been initiated and are pending. 2. It may be pointed out that the problem would relate on .....

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..... (1)(b) of wealth-tax act, 1957 and u/s.17(1)(a) 17(1)(b) of the gift tax act 1958 may not be initiated in respect of any such Asstt. year in a case where the maximum penalty imposable under the relevant provision does not exceed Rs.500. It has also been decided that all pending penalty proceedings in such cases should be dropped. The above instructions may be brought to the notice of all the o .....

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