Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets

CBDT has issued following instructions to its officers for compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets: (i) Such cases can be compounded only after filing the Prosecution complaint(s) and shall not be compounded at the stage of show cause notice and/or without…