817/CBDT. - Income Tax - 817/CBDT

INSTRUCTION NO. 817/CBDT Dated : December 20, 1974 Section(s) Referred: 11(2) Statute: Income - Tax Act, 1961 Attention is invited to Board's instruction of even number dated 27.9.73 on the above subject, by which a review of the compliance of provisions relating to investment of income of charitable and religious trusts allowed to be accumulated under section 11(2) of the IT Act, 1961 was ordered for cases decided in assessment year 1972-73. 2. The Public Accounts Committee have in para 1.30 of their 115th Report suggested that this review should be an annual review. The Board, therefore, desire that a review on the lines indicated in the above referred instruction should be carried out annually. The review in respect of cases decided in financial year 1973-74 should be carried out and a report sent in the proforma enclosed, by 1st February, 1975. Result of review for subsequent years may kindly be communicated to Board by 1st July of the following financial year.