Income less than 80% - invoking provision of penalty u/s 271

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..... ection(s) Referred: 271(1)(c) Statute: Income - Tax Act, 1961 Attention is invited to para 98 of Board's Circular letter F.No.1(252)64-TPL, dated 7th July, 1964 where it has been stated that IT .....

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..... or not initiating penalty proceedings u/s.271(1)(c). 3. The above instructions may, therefore, be brought to the notice of all the ITOs once again and they may be informed that severe action will be .....

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