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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Instruction No. 691: Rebate System Replaced by Income Deductions from Assessment Year 1968-69, Affects Section 80E Cases.</h1> Instruction No. 691 issued by the Central Board of Direct Taxes (CBDT) on May 23, 1974, clarifies the applicability of Instruction No. 623. It states that the rebate system of relief was replaced by a deduction from total income starting from the assessment year 1968-69. This instruction is also applicable from the assessment year 1966-67 for cases where relief under section 80E was granted. Consequently, the illustration provided in the Finance Act, 1966 should be considered modified in accordance with these instructions.
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