Submission of original Tax Credit Certificate with appeal - Income Tax - 503 / CBDT

INSTRUCTION NO. 503/CBDT Dated : January 24, 1973 Section(s) Referred: 280Y280ZE Statute: Income - Tax Act, 1961 Paragraph 5(1) of the Tax Credit Certificate (Corporation Tax) Scheme, 1966 provides any company aggrieved by an order of the Income-tax Officer made under paragraph 4 on its application for the grant of a tax credit certificate may appeal to the Commissioner of Income-tax against such order. Every appeal under paragraph 5 of the Scheme is required to be accompanied by a copy of the order appealed against and where a certificate has been granted by the Income-tax Officer, also by such certificate (in original) which is to be retained by the Commissioner until the disposal of the appeal. As the tax credit certificate is also required to be produced by the company before the Income-tax Officer for the adjustment or, as the case may be, refund of the amount shown in the certificate, it has been represented that the requirement of filing the original tax credit certificate alongwith the memorandum of appeal prevents the companies from obtaining even the benefit of the amount of tax credit granted by the Income-tax Officer until the disposal of the appeal by the Commissioner of Income-tax, which may take a long time. The tax credit certificate is a valuable document and the requirement that the memorandum of a appeal should be accompanied by the original tax credit certificate has been prescribed in order to obviate the need for issuing more than one tax credit certificate in respect of the same assessment year. Although it is not proposed to make any change in regard to this requirement, the Board desire that appeals filed by companies under paragraph 5 of the aforesaid scheme should be disposed of on a priority basis, preferably within a period of one month from the date of the filing of appeal. Pending appeals should be disposed of within one month of the receipt of this letter.