The Central Board of Direct Taxes (CBDT) came out with a circular prescribing guidelines on when prosecution can be initiated by the tax officers for financial offences. The circular largely eliminates the possibility of the tax officers hauling up taxpayers for petty / minor offences and aims to ensure that only the deserving cases get prosecuted. Vishwas Panjiar, Partner and Amit Gupta, Associate Director contributed an article on Real estate players at yet another cross roads for Corporate Professional magazine(Taxmann).