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of <h1>CBDT Empowers Commissioners to Withdraw Recognition for Funds Violating Rule 67(A) of Income-tax Rules, 1962.</h1> The circular from the Central Board of Direct Taxes (CBDT), dated August 2, 1973, addresses the issue of non-compliance with rule 67(A) of the Income-tax Rules, 1962, by recognized funds without subsequent withdrawal of their recognition due to a lack of detection mechanisms. It authorizes Commissioners to withdraw recognition if funds contravene conditions under the Fourth Schedule and Income-tax Rules. The Board mandates the preparation of a list of recognized funds, assigns cases to specific Income-tax Officers, and initiates assessment proceedings to detect and address rule violations. Strict adherence to these instructions is required, with necessary actions communicated to the Board.
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