Levy of penalty u/s 8(1)(a) of Wealth Tax Act. - Income Tax - 354/CBDT

INSTRUCTION NO. 354/CBDT Dated: December 12, 1971 Section(s) Referred: 18(1)(a) Statute: Wealth Tax Act, 1957 Attention is invited to Instruction NO.68(F.NO.1/17/69-WT) dated 4th July,1969 wherein the Board desired that in all cases where the provisions of section 18(1)(a) are attracted, the Wealth Tax Officers should promptly levy the penalty. 2. The Board have noted with concern that in many cases the Wealth-tax Officers have failed to levy such a penalty. This has resulted in the loss of revenue. The Revenue Audit has also found such omissions and these have been commented upon adversely in the Audit Report. The Board desire that it should immediately be impressed upon all Wealth-tax Officers working in your charge that they should ensure that penalty u/s.18(1)(a) is levied in all the appropriate cases. Stringent action should be taken against the Wealth-tax Officers concerned in case of any such lapses in future.