857/CBDT. - Income Tax - 857/CBDT

INSTRUCTION NO. 857/CBDT Dated : July 26, 1975 Section(s) Referred: 5 of CDS Act Reference is invited to Section 5 of the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 under which the deposit was to be made on or before the prescribed date. Instances have come to the notice of the Board where the assessee could not make a deposit in bank due to non-acceptance of the deposit by the bank from other than account holders. The Board has decided that penal provisions should not be invoked against such persons where there is evidence to the satisfaction of the Income-tax Officer that a particular assessee could not make the deposit in time due to non-acceptance of the deposit by the Banks. 2. Above instructions may please be brought to the notice of all the officers working under your charge for their information and guidance.