602. Application for approval of agreement to be made in prescribed form and verified in prescribed manner
1. Attention is invited to the Board’s Circular No. 187, dated 23-12-1975, 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), dated 28-11-1988, a new rule 11E has been inserted in the Income-tax Rules, 1962, with effect from 1-4-1989, 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 1-4-1989. Every application pending for approval under this section with the Board immediately before 1-4-1989 shall stand transferred to the concerned Chief Commissioner/Director General of Income-tax for disposal.
4. With effect from 1-4-1989, 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.
Circular : No. 533, dated 27-3-1989
