742/CBDT. - Income Tax - 742/CBDT

INSTRUCTION NO. 742/CBDT Dated : August 23, 1974 In some of the proposals received recently from the Commissioners/Controllers seeking Board's authorisation to file reference applications under the Wealth-tax Act, Gift-tax Act Estate Duty Act, it was found that the date of expiry of the limitation period for filing the reference applications was not correctly shown. This is probably due to the fact that the limitation prescribed under the above mentioned Acts is different from the limitation prescribed under the Income-tax Act. The Income-tax Act lays down a time limit of six months for application u/s 256(2) of Income-tax Act, while the time limit for similar applications u/s 27(3) of W.T. Act 26(3) of the G.T. Act is 90 days and that for applications u/s 64(3) of E.D. Act is 3 months. 2. The limitation periods prescribed under the Wealth-tax Act, Gift-tax Act Estate Duty Act are given below:- 1. Wealth-tax Act: For reference applications:- (a) U/S 27(1)-60 days. (b) U/S 27(3)-90 days. 2. Gift-tax Act: For reference applications:- (a) U/S 26(1)-60 days. (b) U/S 26(3)-90 days. 3. Estate Duty Act: For reference applications:- (a) U/S 64(1)-90 days. (b) U/S 64(3)-3 months. 3. It is requested that the limitation periods mentioned above may kindly be kept in view while sending proposals seeking Board's authorisation for filing reference applications under the G.T.,W.T. Estate Duty Acts.