New forms of returns of income and net wealth are not available in some of the I.T. Offices. - Income Tax - 441/CBDT

INSTRUCTION NO. 441/CBDT Dated: July 25, 1972 Section(s) Referred: 139 ,18(1)(a) ,271(1)(a) ,117A(5) Statute: Income - Tax Act, 1961 It appears from various representations received by the Board that the new forms of returns of income and net wealth are not available in some of the I.T. Offices and, as such, persons at these places are not in a position to furnish their return of income or net wealth by the 31st July, 1972. The Board accordingly desire that I.T. Officers may kindly be instructed that in cases where a request for extending the date for furnishing the return of income or net wealth is made on the ground that the relevant forms of return are not available in the I.T. Office, they should, having regard to the time by which the return forms are expected to be available, suitably extend the date for furnishing the return. 2. No question of initiating penalty proceedings u/s 271(1)(a) of the I.T. Act, 1961 or, as the case may be, section 18(1)(a) of the Wealth-tax Act, 1957 will arise in cases where the return is furnished by the assessee within such extended time. It will also be unreasonable to charge interest under the provisions of section 139 of the I.T. Act in such cases. The I.T. Officers may, therefore, please be instructed to waive, in exercise of their power under rule 117A(v) of the I.T. Rules, 1962, the interest chargeable in respect of the period for which the time for furnishing the return has been extended due to the non-availability of the return forms. In terms of the proviso to the aforesaid rule, the previous approval of the Inspecting Asst. Commissioner will have to be obtained by the I.T. Officer in cases where the amount of interest to be so waived exceeds on thousand rupees.