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of <h1>Income Tax Act: Parties Must File Transaction Statements in 30 Days; Non-Compliance Can Lead to Prosecution.</h1> Under section 269AB of the Income-tax Act, 1961, parties to specified transactions must furnish a statement in a prescribed form within 30 days, as per Rule 48DD(2). The Competent Authority has 60 days to register this statement, which then serves as an instrument of transfer for initiating acquisition proceedings. The proceedings must begin within nine months from the registration month-end. If statements are submitted late, registration is still possible, but the nine-month period starts from the registration date. Non-compliance may lead to prosecution under section 276AA, and unreasonable delays should lead to prosecution by Commissioners. This information should be communicated to relevant officers.
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