Write off of irrecoverable arrears.

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..... een Rs. 1 lakh : and The Commissioner of Income-tax 10 lakhs. (ii) between Rs.10 lakh Individual Members of the Board 25 lakhs. (iii) between Rs. 25 lakhs Full Board. Rs. 50 lakhs. (iv) Above Rs. 50 lakhs Full Board with the prior approval of the Minister. The exercise of the above powers, however, is regulated by the various instructions issued by the Board from time to time. .....

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..... be worked out after including interest chargeable for late payment of tax upto the end of the month preceding the month in which the proposal is considered by the Zonal Committee. The question whether the TRO's interest under section 220(2) should be included in working out tax arrears was examined in consultation with the Ministry of Law. The Ministry of Law has opined that irrespective of the f .....

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..... xpenditure of the Ministry of Finance. It has now been decided that in charges where Chief Commissioners are functioning, the irrecoverable tax arrears above Rs. 10 lakhs and upto Rs. 15 lakhs may be written off by the Chief Commissioner of Income-tax with the recommendations of the Zonal Committee. Subject to this modification the powers and procedure for writing off of irrecoverable Income-tax a .....

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