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    Circulars
    All› 1973
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    102/1973 - 03-02-1973 Income Tax
    Exemption of interest on savings certificates under clause (15)(ii) - Interest on holdings in the names of wife and minor children whether eligible for exemption - Exemption in the event of death of one of the joint holders
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    Exemption of interest on tax-free savings certificates for spouse/minor holdings continues; joint-holding exemption survives death.
    Interest on specified tax-free small savings certificates and accounts held in the names of an assessee's wife or minor children is exempt up to the maximum amount permitted for each person under the issue rules; joint holdings are exempt up to the joint limit and, on the death of one joint holder, the surviving joint holder continues to receive exemption up to the joint holding limit. Authorities are directed to grant relief where exemption was improperly restricted and to waive time limits where necessary.
    505 / CBDT - 02-02-1973 Income Tax
    Filing of SLP / appeals before SC, period of limitation
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    Time exclusion for obtaining certified copies permits exclusion of delay in applying for High Court certified copy after leave refusal.
    Calculation of the period of limitation for filing a Special Leave Petition excludes time taken to obtain a High Court certified copy if the application for that certified copy is made after refusal of leave to appeal, because a certified copy is not essential to file the SLP under the Supreme Court rules; Standing Counsels should apply afresh for the certified copy after refusal even where one was obtained earlier.
    503 / CBDT - 24-01-1973 Income Tax
    Submission of original Tax Credit Certificate with appeal
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    Tax credit certificate submission: appeals must include original certificate and be prioritised for prompt disposal.
    Appeals under paragraph 5 of the Tax Credit Certificate (Corporation Tax) Scheme must be filed with the order appealed against and, where a certificate was granted, the original tax credit certificate, which the Commissioner will retain until disposal; the Board requires these company appeals to be given priority and disposed of preferably within one month, and pending appeals to be completed within one month of this instruction.
    101/1973 - 24-01-1973 Income Tax
    Whether public company will be deemed to be company in which public are not substantially interested by reason only of the fact that number of its directors at any time during previous year is less than six
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    Control of company affairs: a reduced number of directors alone does not establish public non interest under the relevant test.
    Administrative guidance directs that a public company with fewer than six directors is not to be deemed one in which the public are not substantially interested solely by reason of that fact. The applicable explanatory test focuses on control of the affairs of a company, a qualitative inquiry distinct from day to day management, and tax officers must assess how control is exercised rather than rely on the board's numeric strength.
    100/1973 - 24-01-1973 Income Tax
    Repayment of debt incurred for purposes of trust/loans advanced by educational trusts to students for higher studies - Whether amounts to application of income
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    Application of income for charitable purposes: repayment of trust debts and student loans may qualify if not a money lending business.
    Repayment of a loan originally taken to fulfil a trust object constitutes application of income for charitable purposes. Loans by an educational trust are application of income only when they form part of the trust's educational object; if the sole object is granting interest-bearing loans, that amounts to a money-lending business. Repayments received are treated as income in the year of receipt.
    501/CBDT - 22-01-1973 Income Tax
    TDS u/s 194B and 194C, accounting heads
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    TDS on prize winnings and contractor payments requires new accounting subheads and updates to tax forms.
    Two new withholding provisions require tax deduction at source from prize winnings and from payments to contractors and subcontractors. The instruction establishes specific minor heads and sub heads under Corporation Tax and Income tax to record surcharge items and the deductions under these provisions, and directs amendments to challan, budget estimate and monthly collection reporting forms to reflect the new accounting heads.
    500 / CBDT - 20-01-1973 Income Tax
    Regarding petition for stay of demand
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    Stay of demand petitions must be decided promptly and with reasons to inform taxpayers of outcomes.
    Petitions seeking a stay of collection of demand must be decided promptly and with due care by Income-tax Officers; officers should not leave petitions undecided or reject them summarily, and, wherever possible, reasons for rejection should be recorded and communicated to the assessee.
    499 / CBDT - 20-01-1973 Income Tax
    Audit objections and settlement thereof
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    Audit objection settlement upon rectificatory action and demand-raising, with internal audit oversight and retained review rights.
    Audit objections are to be treated as settled once appropriate rectificatory or revisionary action is taken and an additional demand is raised, notwithstanding delayed or outstanding recovery. This settlement is conditional on following the Accounts Committee's guidance on Commissioners' instructions, Internal Audit's responsibility to monitor recoveries and report specifically on audit-related recoveries/refunds, and the preservation of the Auditor-General's ability to raise draft paras where further scrutiny is warranted.
    498 / CBDT - 18-01-1973 Income Tax
    Liability of directors in case of company goes into liquidation.
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    Director liability for unpaid corporate tax can be invoked to recover arrears when company assets are insufficient.
    Where a private limited company in liquidation leaves tax arrears that cannot be recovered from the company, directors are jointly and severally liable for payment; tax authorities are instructed to invoke that statutory liability more vigorously to secure recovery from directors where company assets are insufficient.
    497/CBDT - 17-01-1973 Income Tax
    Regarding search u/s 132, possession of wealth, jewellery, issuance of notice u/s 142(2)
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    Wealth-tax notice requirement: issue notices under the Wealth Tax Act when unexplained jewellery or property is found to secure ownership particulars.
    Where searches uncover unexplained jewellery or immovable property indicating assessable wealth, the value may be treated as deemed income for the year; officers must obtain from the assessee an advance, specific commitment as to items and market value and issue the Wealth Tax Act notice to prevent escape from assessment and record ownership particulars.
    496 / CBDT - 12-01-1973 Income Tax
    Bonds, grant of discounts, ascertained liability
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    Ascertained liability for bond discount allows deduction in year of issue rather than year of resumption.
    When debentures are issued on discount by a financial institution, the discount becomes an ascertained liability in the year of issue, and the loss represented by that discount is deductible in the year of issue rather than deferred.
    495 / CBDT - 11-01-1973 Income Tax
    Exemption u/s 10(27) - dairy farming
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    Dairy farming exemption applies when principal business is milk production; ownership of cattle is not required for eligibility.
    Exemption for dairy farming applies where the principal business is milk production; ownership of cattle is not required if the assessee carries out production activities such as growing suitable fodder and providing cowsheds and veterinary services. Mere buying and selling of milk does not constitute dairy farming and is excluded from the exemption.
    494 / CBDT - 10-01-1973 Income Tax
    Intimation of death of assessee
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    Intimation of death to estate duty authorities required to protect revenue and prompt appeals against limitation-barred assessments.
    Prompt and mandatory communication of an assessee's death to the Assistant Controller of Estate Duty must be ensured by ITOs/Wealth-tax Officers to prevent loss of revenue caused by failure to initiate proceedings within the prescribed period; officers responsible for lapses are to be disciplined. Where an assessment on a voluntary return filed after five years from death is treated as barred by limitation under section 73A of the Estate Duty Act, such cancellations should be contested on appeal; Assistant and Deputy Controllers must enforce compliance.
    520/CBDT - 03-01-1973 Income Tax
    Regarding irrecoverable arrears
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    Irrecoverable arrears: directive to strengthen zonal committee reviews and annual reporting to expedite write-offs by commissioners.
    The Board directs Commissioners to ensure Zonal Committees meet regularly to review arrear demands above the prescribed threshold, recommend write-offs or scaling down of irrecoverable portions, and to submit an annual statement on the Zonal Committee's progress to the D.I.(R.S. & P.) by 15th April in the prescribed proforma.
    493 /CBDT - 03-01-1973 Income Tax
    Registers to be maintained in respect of the petitions filed u/s.18(2A) of the W.T.Act
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    Maintenance of registers for wealth tax petitions required, mirroring income tax disclosure procedure and immediate compliance directed.
    Registers must be maintained for disclosure petitions filed under section 18(2A) of the Wealth Tax Act before Commissioners of Wealth-tax, using the two-register proforma previously prescribed for disclosure petitions under the Income-tax Act with suitable modifications in column wordings; the procedural directions in the earlier instruction are to be followed for wealth-tax purposes and immediate action is required.

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      Income Tax

      Normal depreciation/Extra shift depreciation allowance up to 1969-70/from 1970-71 in the case of seasonal factories/concerns/approved hotels - Item III(iii)/(iv) of Part I of Appendix I to Income-tax Rules

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      Extra shift depreciation allowance defines eligibility, exclusions, and calculation method for double and triple shift operations.
      Normal depreciation rules changed from 1970-71: before 1970 non-seasonal factories' depreciation depended on days worked and seasonal factories required ... Summary

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