Approval of application under section 80-O of the Income-tax Act, 1961-Modification of procedure - Income Tax - 533/1989

Approval of application under section 80-O of the Income-tax Act, 1961-Modification of procedure Circular No. 533 Dated 27/3/1989 Attention is invited to the Board's Circular No. 187 (F. No. 473/15/73-FTD), dated December 23, 1975*, wherein the form of application to be filed before the Central Board of Direct Taxes under section 80-O of the Income-tax Act, 1961, was prescribed. 2. By an amendment made to this section by the Finance Act, 1988, it has now been provided that the application for approval of the agreement should be made in the prescribed form and verified in the prescribed manner. Vide Notification No. S.O. 1108(E) (No. 8135/F. No. 142/9/88-TPL), dated November 28, 1988**, a new rule 11E has been inserted in the Income-tax Rules, 1962, with effect from April 1, 1989, prescribing that the application form for approval of the agreement under section 80-O should be in Form No. 10F. 3. Further, the powers of the Board to approve the agreement have been delegated to the Chief Commissioners/ Directors-General of Income-tax with effect from April 1, 1989. Every application pending for approval under this section with the Board immediately before April 1, 1989, shall stand transferred to the concerned Chief Commissioner/Director-General of Income-tax for disposal. 4. With effect from April 1, 1989, the application for approval of the agreement under section 80-O of the Income-tax Act, 1961, in the prescribed form should be filed before the concerned Chief Commissioner/Director-General of Income-tax. As per the present practice, the application along with enclosures signed by the person authorised to sign the return of income on behalf of the applicant should be filed in triplicate. 5. The Chief Commissioners/Directors-General of Income-tax may please bring the contents of this circular to the notice of all officers in their region. (Sd.) B.N. Datta, Secretary, Central Board of Direct Taxes.