691/CBDT. - Income Tax - 691/CBDT

INSTRUCTION NO. 691/CBDT Dated : May 23, 1974 Section(s) Referred: Companies (Profits) Surtax Act Reference is invited to Instruction No.623 (F.No.229/13/73-ITA.II) dated 28th September, 1973 on the above subject and to say that Instruction No.623 would apply with effect from assessment year 1968-69 as rebate system of relief was substituted by relief in the shape of deduction from total income from the assessment year 1968-69. This instruction would also apply from assessment year 1966-67 in cases where relief u/s 80E was allowed. 2. In the light of Instruction No.623 read with the present instructions, illustration given on page 70 of the Finance Act, 1966 (F.No.1(236)66-TPL Circular No.4-p(LXXVI-61) of 1966 dated 21st July, 1966, should be treated as modified to that extent.