704/CBDT. - Income Tax - 704/CBDT

INSTRUCTION NO. 704/CBDT Dated : June 12, 1974 Section(s) Referred: 139(8) Statute: Income - Tax Act, 1961 All out efforts are being made to supply the indented quantity of forms of return of income and net wealth to all the Commissioners before the 30th June, 1974. It may be possible that due to some unavoidable reasons these forms may not reach some charges in sufficient quantity by due date. If properly and no wastage is allowed to take place. 2. Although the Board is conscious of the fact that there may be delay in supplying enough forms, a decision has been taken not to grant general extension for filling of returns of income and net wealth. If any assessee in your charge makes a request for a return form and it cannot be supplied , then extension of time for filing the return of income and net wealth may be granted to him by the ITO. The ITO may be directed to be liberal in granting extension of time to such tax-payers. 3. As regards the levy of interest u/s 139(8), the Board desires that ITO may please be instructed to waive the interest in exercise of their powers under 'Rule 117(v) of the IT Rules, 1962 for the period for which extension is granted for filling the return of income. 4. Necessary instructions may please be issued to the ITO on the lines indicated above.