In your interest.
Online Personal Finance Magazine
No beating about the bush.
Refer to “Media Masochism” (Letter from the Editor, MoneyLIFE March 27). At present, before levying a penalty under section 271 (1), the IT officer is required to record the reasons for believing that there is a wilful misrepresentation by the assessee - a detailed statement on the reasons has to be noted in the files. The same may be considered by higher authorities, including courts for...