SECTION 269UC l RESTRICTION ON TRANSFER OF IMMOVABLE PROPERTY
1279. Time-limit to file statement in Form No. 37-I in respect of transfer of immovable property before 16-10-1986 – Rule 48L(2)(a) of the Income-tax Rules, 1962 – Extension of
The Government have received representations in respect of time limit laid down under rule 48L(2)(a) of the Income-tax Rules, 1962 for compliance before 16-10-1986. Considering that the provisions of Chapter XXC, where under rule 48L(2)(a) has been made, have come into effect for the first time on 1-10-1986 and there were a number of holidays during this period on account of festive seasons, it has been decided not to take any punitive action in all cases of belated compliance with the provisions of rule 48L(2)(a) made on or before 15-11-1986.
Circular: No. 475 [F.No. 316/127/86-WT], dated 9-12-1986.
