Filing appeals before Settlement Commission for cancellation or waiver of the penalties. - Income Tax - 1086/CBDT

INSTRUCTION NO. 1086/CBDT Dated : August 10, 1977 Section(s) Referred: 287 Statute: Income - Tax Act, 1961 Reference Ministry of Finance (Department of Revenue and Insurance) Instruction No.29* (F.No.16/202/62-IT(B) dated 26.3.69 on the above subject and to say that some cases have been brought to the notice of the Government where the assessees instead of filing appeals before the Income-tax Appellate Tribunals filed revisions petitions before Commissioners of Income-tax under section 264 or applications under section 273A of the Income tax Act or they filed applications under section 245C to the Settlement Commission for cancellation or waiver of the penalties levied on them. It was felt that the names of such assessees should not be included in the list persons on whom penalties of Rs.5,000/- and above have been imposed till the disposal of such petitions/applications. 2. The above suggestion was examined by the Government and it has been decided that where an assessee files a revision petition under section 264 or an application under section 273A to the Commissioner of Income tax or an application under section 245C to the Settlement Commission the publication of his name should be withheld till the disposal of such petition/application provided it is pending at the end of the financial year to which the list for publication relates. Accordingly, an order F.No.385/63/73-IT(B) dated 10.8.77 in supersession of the earlier order on the subject F.No.16/202/67-IT(B) dated 25-3.69 has been issued by the Central Government. A copy of the same is printed herewith. 3. Immediate action may, therefore, be taken to publish the names of assessees in the gazette of India as well as in important local newspapers (one leading English Daily and two leading vernacular Dalileis). In multi-Commissioners' charges, a single publication in respect of all the commissioners' charges may be issued by the CIT-I at the place though the administrative responsibility for the accuracy of the information will continue to be of each respective Commissioner. The list for the year 1976-77 may be published by 30.9.77. For each subsequent year it may be published by the 30th June, following the close of the said financial year. 4. A copy of the list should also be placed on the Notice Board of Income-tax office. Two copies of the list published may be sent to the DI(P PR) who will keep a watch over these publications and ensure that the deadline fixed for the purpose is strictly adhered to. The DI(P PR) will forward a copy of each of these lists to the Board within a month of the date prescribed for publication. 5. While preparing the list for publication the instruction as laid down in letter F.No.3/4//68-IT(Inv) dated 3.8.68 may be kept in view . Further, it may please be ensured that the lists should not include the names and particulars of the following Corporations, etc. 1. The Industrial Corporation; 2. State Financial Corporation; 3. Refinance Corporation Ltd. (now defunct); 4. I.C.I.C.I. Ltd; and 5. Any other banking company or Finance Corporation.