Income-fax (Tenth Amendment) Rules, 1992

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....1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely ;- 1. (1) These rules may be called the Income-fax (Tenth Amendment) Rules, 1992. (2) They shall be deemed to come into force the 1st day of April, 1991. 2. In the Income-tax Rules, 1962, after rule 6E, the following rule shall be inserted, namely ;-....

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....requests for over-drawing or issue of cheques without ensuring availability of funds in the account; 3. bills purchased or discounted remain overdue for 3 months and more or the recovery of such bills from the borrower poses difficulties; 4. in the case of term-loans, instalments which are overdue for 6 months or more; 5. unexplained delays by the borrower in submission ....

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....finance. 11. the pressure on the liquidity leading to non-payment of wages to workers or statutory dues or rents of office and factory premises; 12. the current liabilities exceeding current assets; 13. any grave irregularities observed by the auditors of the borrowers which remain to be rectified; 14. basic weakness revealed by the financial statements of the u....

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....re the repayment is highly doubtful and revival of the unit is not considered worthwhile and a decision has been taken to recall the advances, (c) suit-filed accounts, i.e., where legal action or recovery proceedings have been initiated and suits are pending for recovery of advances. (d) decreed debts, i.e., where suits have been filed and decree obtained and such decree is pendi....