Tax due cannot be realised from the known assets of the assessee. - Income Tax - 339/CBDT

INSTRUCTION NO. 339/CBDT Dated: December 24, 1971 Section(s) Referred: 287 Statute: Income - Tax Act, 1961 I am directed to refer to Board's Circular letter F.No. 83/108/69-IT(B) (Instruction No. 253) dated 31st December, 1970 on the above subject. 2. Vide Board's letter of even number dated 3rd February, 1971 it was intimated that the above mentioned Instructions should not be acted upon until further orders. The matter has further been examined by the Government of India and it has been decided that Board's Instruction conveyed vide above referred letter dated 3rd February, 1971 may be treated as cancelled and the Commissioners/Additional Commissioners of Income-tax(Recovery) should go ahead with the Publication of such lists in the manner as stipulated in Board's Instructions No. 253 of 31st December 1970. However, alongwith the publication of such lists the following remarks may also be published in the form of a Note:- Note:- The statement that the tax due from a person has been written of only means that in the opinion of the Income-tax Department it cannot on the date of publication be realised from the known assets of the assessee. The publication does not imply that the amount is irrecoverable in law or that the assessee is discharged from his liability to pay the amount in question." 3. The lists for the financial year 1969-70 need not be published now. Instead the lists for the financial year 1970-71 onwards may be published. The lists for the financial year 1970-71 may be published by 31st March, 1972 and for the subsequent year by 31st July following the close of the relevant financial year. Each Commissioner/Additional Commissioner of Income-tax(Recovery) should forward two copies of the lists published by him to the D.I.(R.S. P), who will keep a watch over these publications and ensure that the deadline fixed for the purpose is strictly adhered to. The D.I.(R.S. P) should forward a copy of each those lists to be Board within a month of the date prescribed for publication. The receipt of the letter may please be acknowledged.