Deduction u/s 80MM - approval of agreements - Income Tax - 549/CBDT

INSTRUCTION NO. 549/CBDT Dated : May 18, 1973 Section(s) Referred: 80MM Statute: Income - Tax Act, 1961 Instances have come to the notice of the Board where, for purposes of section 80MM of the Income-tax Act, 1961, the different Administrative Ministries of the Government of India have granted approval of agreements, even after 1.4.1972. After 1st April, 1972 the statutory power to either approve or not, agreements for purposes of section 80MM stands vested in the Central Board of Direct Taxes. Therefore, any action on applications for this purpose taken after this date by any other Ministry would be invalid. 2. Necessary instructions may be issued to all income Tax Officers working in your charge not to allow the relief under section 80MM of the Income-tax Act, 1961 in cases where approval of agreements has been granted by anybody other than the Central Board of Direct Taxes after 1.4.1972.