Disposing of assessments of repatriates. - Income Tax - 463/CBDT

INSTRUCTION NO. 463/CBDT October 9, 1972 Section(s) Referred: 54 Statute: Income - Tax Act, 1961 On a careful examination of the conditions under which the repatriates are coming to India from Uganda and other relevant circumstances, it has been decided to treat the sale of goods brought by them up to a sum of Rs. 50,000 would be considered for determining the capital gains. 2. It has further been decided that the I.T. Officers should not insist on the repatriates to produce documentary evidence to establish their claims that the goods sold were held by them for a period which would take them outside the ambit of the definition of a short term capital asset. Therefore the profit on such sales would be assessed as long term capital gains. 3. Necessary instructions may be issued to I.T. Officers to keep in view the above instructions while disposing of the assessments of the repatriates from Uganda.