Section 119 of the Income-tax Act, 1961 - Instructions to subordinate authorities - Condonation of delay in filing return of income under section 119(2)(b) in case of applicants who have made investment in 8% Savings (Taxable) Bonds, 2003 issued by Government of India and opted for scheme of cumulat - Income Tax - 02/2012

Instruction No. 2/2012 Dated 22-2-2012 Representations have been received regarding matters of allowance of refund on the above subject. The board has decided that the time limit prescribed in clause 4 of CBDT Instruction No. 13/2006 , dated 22.12.2006 for entertaining application u/s 119(2)(b) of the Act shall not apply if : ( i ) the applicant has made investment in 8% Savings (Taxable) Bonds, 2003 issued by the Government of India opting for cumulative interest on maturity but has accounted interest earned on mercantile basis, and ( ii ) the intermediary bank at the time of maturity has made deduction of tax at source (TDS) on the entire amount of interest paid without apportioning the accrued interest/TDS for various financial years involved. However, other conditions prescribed in CBDT Instruction No. 13/2006 shall continue to apply. [F. No. 312/79/2010-OT]