Timely action and avoid such instances leading to a loss of revenue. - Income Tax - 395/CBDT

INSTRUCTION NO. 395/CBDT Dated: March 18, 1972 Section(s) Referred: 53(3) Statute: Estate Duty Act Under Section 53(3) of Estate Duty Act, 1953, every person accountable for Estate Duty shall, within six months of the death of the deceased deliver to the Controller an account in the prescribed form and verified in the prescribed manner of all the properties in respect of which estate duty is payable. The Controller of Estate Duty may extend the period of six months aforesaid on such terms which may include payment of interest at the rates as prescribed in the Estate Duty Rules. 2. A case has been brought to the notice of the Board where in spite of repeated requests from the Accountable Person for extension of time for filing the Estate Duty return, the Asst. Controller of Estate Duty did not pass any order extending the time with the result that the Accountable Person could not be made liable to pay interest. There is no provision for charging interest for the period of late submission of estate duty return except when extension of time to submit the same is allowed at the request of the Accountable Person. In such a cases however, interest has necessarily to be charged. If therefore, the Asst. Controller dies not takes energetic action to dispose of an application filed by the Accountable Person seeking extension of time it may result in loss of interest which may be chargeable. 3. The Board desire that it should be ensured that the Asst. Controllers of Estate Duty taken timely action and avoid such instances leading to a loss of revenue.