860/CBDT. - Income Tax - 860/CBDT

INSTRUCTION NO . 860/CBDT Dated : August 4, 1975 Section(s) Referred: 240 Statute: Income - Tax Act, 1961 An instance has come to the notice of the Board where even though substantial refunds due were adjusted against the liability towards tax deduction at source, no entry to this effect was made in I.T.N.S. 150. Subsequent to this adjustment, new demands were raised and the new demand was also adjusted against the refund which had already been adjusted thereby allowing the assessee the benefit of adjustment twice for the same amount of refund. This happened because there was no mention of the fact of the earlier adjustment in the I.T.N.S. 150. 2. Instances have also come to the notice of the Board where the files are transferred from one Charge to another without mention of the effect of the refund due on its adjustment, etc. in the transfer memo. 3. Board desires that such lapses should be avoided in future and proper care taken to make suitable entry in the I.T.N.S. 150. Officers working in your charge may kindly be instructed to observe these instructions carefully.