750/CBDT. - Income Tax - 750/CBDT

INSTRUCTION NO. 750/CBDT Dated : September 4, 1974 Section(s) Referred: 104 ,237 ,241 ,109(4)(iii) Statute: Income - Tax Act, 1961 I am directed to invite reference to the Board's Instruction (F. No. 36/5/64-ITA.I) dated 13th July, 1964 which requires the Income Tax Officers to take prior approval of the Inspecting Assistant Commissioner before giving effect to the appellate orders resulting in tax effect of Rs. 1 lakh and above. 2. As various irregularities have been noticed in issue of refunds of big amounts, it has been decided by the Board that the Income-tax Officers should obtain prior approval of their Inspecting Assistant Commissioner of Income-tax before issue of refunds arising under chapter XIX or demand refunds in chapter XXII-B of the Income-tax Act, 1961 or refunds on account of any other reason. While granting approval Inspecting Assistant Commissioner will also examine the desirability of withholding the refund u/s 241 of Income-tax Act, 1961. 3. These instructions may please be brought to the notice of all the officers in your charge for strict compliance.