Necessary action for recovery of tax demand arising out of the capital gains. - Income Tax - 248/CBDT

INSTRUCTION NO. 248/CBDT Dated: December 18, 1970 Section(s) Referred: 45 Statute: Income - Tax Act, 1961 Attention is invited to para 2 of boards circular No.8-D(LIII-8) of 1968 (F.NO.73/18/67-ITAII) dated 22nd April,1968 on the above subject. 2. It has been decided by the board that the same of goods brought in by the repatriates as their capital would when sold be liable to capital gains tax. Necessary action for recovery of tax demand arising out of the capital gains may be taken. 3. These instructions may be brought to the notice of all the officers working in your charge.