Levy of interest under section 215, 217 and 220(2) of the Income tax Act, 1961. - Income Tax - 432/CBDT

INSTRUCTION NO. 432/CBDT Dated: June 16, 1972 Section(s) Referred: 215 ,217 ,220(2) , 31(2) of Wealth Tax Act , 32(2) of Gift Tax Act Statute: Income - Tax Act, 1961 Attention is invited to Board's Instruction NO. 363, issued from F.NO. 404/276/71-ITCC dated the 23rd December, 1971, regarding levy of interest under section 215, 217 and 220(2) of the Income tax Act, 1961. The Board have decided that the Instructions laid down in the above instruction No. 363 regarding the levy of interest under Section 220(2) of the Income-tax Act, 1961 will apply mutatis mutandis in respect of levy of interest under Section 31(2) of the Wealth-tax Act, 1957 and Section 32(2) of the Gift-tax Act. 1958 as well. 2. These instructions may kindly be brought to the notice of all officers.