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Can tax paid/investment in securities be refunded where declarations made u/s 3(1) Income Tax, Act 1961.
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....of Income and Wealth Act, 1976 was 31st December, 1975. Declarations received after that day were to be treated as invalid. Procedure for refund of the amount invested in securities/tax paid in respect of such invalid declaration was laid down in the Board's letter F. No. 283/16/75-IT*Inv.), dated the 20th March, 1976* and Instruction No. 960** [F. No. 283/20/76-IT(Inv.)] dated the 16th June, 1976....
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....1) of Section 3. If a declaration is hit by the provisions of sub-section (2) of Section 3, it cannot be treated as a declaration made under sub-section (1) of Section 3. It would follow that the bar u/s 10 would not apply in such a case. The Ministry of Law, Justice and Company Affairs have separately advised the Department of Economic Affairs that where declarations were ab initio void, the G....
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....er was referred have decided in consultation with the Ministry of Law, Justice and Company Affairs that such erroneous investment in 5-3/4% Bonds, 1985 may be refunded after the concerned Commissioner of Income-tax certifies the admissibility thereof to the Reserve Bank of India. Accordingly, if a claim for refund of investment in securities in a case of the above type is received, the Commissi....
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....ve Bank Offices at Ahmedabad, Bangalore, Bombay (Fort and Byculla), Calcutta, Hyderabad, Kanpur, Madras, Nagpur, Delhi and Patna. The Bonds are issued from the date on which the application for investment is tendered at the receiving office. Therefore, in order to avoid any complaint from a declarant about loss of interest, it is necessary that amount(s) received/recovered on this account are prom....