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    Circulars
    All› 1976
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    1007/CBDT - 14-09-1976 Income Tax
    Instruction followed mutatis mutandis in respect of reference applications u/s 27(1) of Wealth-tax Act, s. 26(1) of Gift-tax Act and s.64(1) of Estate Duty Act.
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    Reference application procedure: apply established Instruction No.999 mutatis mutandis to wealth, gift and estate duty references.
    The Board directs that the procedural regime in Instruction No. 999 (16 August 1976) be applied mutatis mutandis to reference applications under section 27(1) of the Wealth-tax Act, section 26(1) of the Gift-tax Act and section 64(1) of the Estate Duty Act, requiring uniform administrative handling and application of the same steps and internal processing set out in the earlier Instruction.
    1006/CBDT - 14-09-1976 Income Tax
    Scope and applicability of sub-section (1) of Section 64 of the Income-tax Act, 1961.
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    Scope of Section 64(1) clarified; appellate decision recommended as guidance for interpreting its applicability in attribution assessments.
    Doubts have arisen concerning the scope and applicability of Section 64(1) of the Income-tax Act, 1961, specifically whether and how incomes are to be attributed for assessment under that provision. Administrative guidance directs Commissioners of Income-tax to refer to the reasoning in an appellate decision which discusses the applicability and scope of the provision and is recommended as a guide for consistent departmental application.
    1005/CBDT - 13-09-1976 Income Tax
    Issue of notification u/s 121 of the Income-tax Act, 1961.
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    Notification under section 121 requires coordinated circulation to all relevant Board sections to prevent procedural delays in jurisdiction changes.
    Proposals to modify Commissioners' jurisdiction by notification under the Income-tax Act must be endorsed by Commissioners to all other concerned Board sections in advance, because such notifications necessitate consequential notifications and orders across Estate Duty, tax recovery, personnel posting, and appellate jurisdiction sections; failure to copy these sections causes time lags and implementation delays.
    1004/CBDT - 02-09-1976 Income Tax
    Decisions of the High Court considered by the Board.
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    Appeals authorisation framework: classification of High Court decisions directs when to decline or seek Supreme Court review.
    Classifies High Court decisions not accepted by the tax department into Statements B, C and D, specifying that Statement B covers non-accepted decisions for which Supreme Court appeals are not authorised for reasons such as low revenue or similar pending issues, Statement C covers non-accepted decisions for which appeals have been authorised, and Statement D records cases where leave to appeal was refused by High Courts or special leave was not granted by the Supreme Court; publication of accepted decisions under Statement A is discontinued.
    Circular: No. 28/76 - 01-09-1976 Companies Law
    Transfer of unpaid dividend ‑ Scope of the section explained in the context of expressions “has not been paid” and “warrant in respect thereof has not been posted” used therein.
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    Transfer of unpaid dividend principle: timely posting of the dividend warrant prevents transfer despite later non encashment.
    The Department clarifies that the expressions "has not been paid" and "warrant in respect thereof has not been posted" denote separate contingencies; therefore, where a company has posted the dividend warrant within the prescribed posting period, the transfer provision does not apply merely because the warrant was not encashed within the subsequent presentation period.
    Circular : No. 31/76 - 01-09-1976 Companies Law
    Applicability of sub‑section (6) of companies falling under sub‑sections (1A) and (1B)
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    Exemption under sub section (6) of section 43A applies to companies converted to public status; restoration of private designation advised.
    The exemption under sub section (6) of section 43A applies to companies becoming public under the conversion provisions; the earlier contrary circular is withdrawn. Companies that deleted "Private" from their registered name and altered their certificate of incorporation and memorandum are advised to apply to the Registrar to restore "Private" and cancel those alterations.
    Circular : No. 25/76, - 01-09-1976 Companies Law
    Signing and confirmation of minutes of the board meeting ‑ Certain queries answered
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    Signing of board minutes: chairman or next chairman may sign; minutes must be written within thirty days.
    Either the chairman of the meeting or the chairman of the next succeeding meeting may initial or sign every page and date and sign the last page of the record of proceedings; minutes must be written within thirty days of the meeting, but the signature may be given by the chairman of the next meeting if that meeting is held within the permissible three month interval, so signatures need not be insisted upon within thirty days though preparation of minutes must be.
    Circular : No. 29/76 - 27-08-1976 Companies Law
    Appointment of - Whether statutory auditor of company can also be its internal auditor
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    Auditor independence: a company's statutory auditor cannot serve as its internal auditor due to conflict with objective reporting.
    The internal auditor is appointed by management and functions in an employee-like capacity, while the statutory auditor is appointed to perform independent reporting obligations and must assess internal control procedures and the existence of an internal audit system; if the same person served as both, they could not provide the independent and objective report required, and therefore a statutory auditor cannot also be the company's internal auditor.
    1003/CBDT - 27-08-1976 Income Tax
    Demands exceeding Rs. 2,000 and upto Rs. 1,00,000 to be referred to the Local Committees.
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    Write-off powers expanded allowing specified officers to write off irrecoverable tax arrears independently; larger demands require Local Committee recommendation.
    Delegated write-off authority for irrecoverable income-tax arrears has been increased: IACs may write off arrears up to an enhanced limit in each case and ITOs Class I and Class II may exercise smaller enhanced limits independently without referring matters to the Local Committee; demands exceeding the IAC enhanced limit but not exceeding one lakh must be referred to the Local Committee for recommendation before write-off.
    1002/CBDT - 26-08-1976 Income Tax
    Change of "Previous Year" u/s 3(4) of Income Tax Act.
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    Change of previous year under income tax can shift taxable income and defer advance tax, triggering supervisory review.
    Instruction warns that consent under section 3(4) to change an assessee's previous year can shift income into a later assessment year, causing deferment of advance tax and enabling more favourable surcharge and surtax treatment; Commissioners must review consents from 1 September 1975 and may use section 263 to cancel prejudicial consents. Income-tax Officers must calculate total tax effect, including escapement or deferment of advance tax, and obtain IAC approval under section 144A where the tax effect exceeds the prescribed threshold.
    1001/CBDT - 24-08-1976 Income Tax
    Draft paras proposed by C&AG of India for inclusion in the Audit Report.
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    Audit report procedure requires Commissioners to verify draft audit paras and promptly report for timely Board response.
    Revised proforma reporting requires Commissioners to verify facts in draft audit paras proposed by the audit authority and submit a prompt proforma report to the Board, which uses those reports as the factual basis to accept or reject audit objections within a specified response period; the proforma underpins all subsequent correspondence with the audit authority and parliamentary oversight bodies.
    Letter : No. 8/17/2(30)/76‑CL‑V, - 23-08-1976 Companies Law
    Officer ‑ When person can be deemed to be “officer” as contemplated in clause (30)
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    Officer status arises where an employee has financial control; such classification triggers statutory disclosure duties.
    Employees vested with powers of financial control over one or more operational fields are to be treated as Officer under clause (30) and section 2(30). Such classification applies to roles like chief accountant, works manager, sales manager, purchase manager and estate manager, making them subject to Part I of Schedule VI disclosure obligations concerning debts, loans or advances.
    967/CBDT - 17-08-1976 Income Tax
    Para 79 of of Commissioners' Conference held from 9th to 11th May, 1976.
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    Appellate order compliance must be implemented promptly and consolidated reporting to ITOs required for effect and refunds.
    The Board mandates prompt implementation of appellate orders and accelerated disposal of High Demand appeals, and requires Commissioners and IACs to send consolidated lists of Tribunal and AAC orders to Income-tax Officers so ITOs can report the dates when appellate orders were given effect and when refund orders were issued.
    1000/CBDT - 17-08-1976 Income Tax
    Inordinate delays in giving effect to appellate orders of Income-tax Appellate Tribunal.
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    Prompt implementation of appellate tax orders: mandated registers, staged processing, and supervisory quarterly reporting to ensure compliance.
    A mandatory administrative procedure requires each Commissioner's office to maintain a two-part register for ITAT orders, route orders via the IAC to the ITO with specified short timelines, and obliges the ITO to scrutinise and implement orders by issuing demand notices or refund vouchers or reporting withheld refunds; the ITO (Judl.) must update the register and pursue delays while Commissioners review compliance and submit quarterly reports to the Board on unserved demand notices or refund vouchers.
    999/CBDT - 16-08-1976 Income Tax
    Filing reference applications u/s 256(1).
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    Prior approval for reference applications: Commissioners may send a self-contained report without routine orders or counsel opinions; tribunal orders required.
    CBDT instructs that for prior approval to file reference applications under section 256(1) a self-contained report stating facts, revenue effect, and the Commissioner's opinion should be sent; routine copies of I.T.O. and A.A.C. orders and Standing Counsel opinions need not be forwarded unless the Commissioner's report relies on them. Copies of Tribunal orders must be sent in every case. The instruction modifies prior Office Manual and Board guidance.
    Circular : No. 24/76 - 13-08-1976 Companies Law
    Voluntary winding up ‑ Provisions applicable to members’ winding up ‑ Final meeting and dissolution ‑ Provisions of the sections explained
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    Voluntary winding up: official liquidator may verify records, report on affairs, and order further investigation where prejudicial conduct appears.
    When a voluntary liquidator cannot produce books of account, the official liquidator must verify available records, use Registrar files and complaints to form a factual report to the court, and may incur expenses from general grants to transport or obtain books for scrutiny; a report indicating prejudicial conduct is a prima facie finding permitting the court to direct a further investigation by the official liquidator.
    998/CBDT - 12-08-1976 Income Tax
    Income-tax Clearance Certificates granted to contractors valid for a period of one year.
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    Income-tax Clearance Certificate validity: applications accepted one month before expiry, issuance only after expiry.
    Income-tax Clearance Certificates for contractors have a one-year validity. Income-tax Officers must accept applications for fresh certificates one month before the existing certificate expires, but the new certificate shall be issued only after the prior certificate's validity has expired.
    997/CBDT - 12-08-1976 Income Tax
    Disallowance in the case of a firm, of any payment of interest to any partner.
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    Disallowance under section 40(b): interest to a partner disallowed even if representing an HUF; direct HUF receipt permitted.
    Payment of interest by a firm to a partner is subject to disallowance under Section 40(b); the prohibition is absolute and covers interest paid to a partner even when he claims to represent a Hindu Undivided Family. By contrast, interest paid directly to an HUF (and not to a partner) is not disallowable.
    996/CBDT - 10-08-1976 Income Tax
    Provisions u/s 285-B of Income-tax Act, 1961.
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    Statement of payments reporting required: film producers must disclose payments over the statutory threshold to tax authorities within prescribed time.
    Producers of cinematographic films must submit to the tax authorities a statement, in the prescribed form, of all aggregate payments to persons engaged in production that exceed the statutory threshold, within 30 days from the end of the financial year in which production occurs or within 30 days of film completion, whichever is earlier, to enable payee identification and control inflation of production expenditure.
    206/1976 - 09-08-1976 Income Tax
    The payment of Bonus (Amendment) Act, 1976-Amendment to section 36(1)(ii) of the Income-tax Act, 1961-Effect thereof-Clarification regarding
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    Deduction for employee bonus now governed by second proviso when Payment of Bonus Act coverage does not apply.
    The amendment inserts a first proviso restricting deduction for bonuses paid to employees covered by the Payment of Bonus Act, while bonuses to employees excluded from that Act (by exceeding the wage ceiling) fall under the second proviso and are deductible only if they meet the conditions of that proviso; the amendment operates from the specified effective date for subsequent assessments.

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      Income Tax

      Deduction u/s 80-O.

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      Deduction under section 80-O: receipts in non-convertible rupees from bilateral account countries treated as equivalent to convertible foreign exchange.
      Deduction under section 80-O is allowable only for income received in convertible foreign exchange or converted and brought into India in accordance with ... Summary

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