CBDT - Request for Exchange of Information from field offices of time barring assessment cases
CBDT had in a letter dated 6th January 2015 ( - 07 01 2015) requested the officers from the field to send all requests for exchange of information from foreign countries in cases getting barred by limitation on 31.03.2015 to the FT&TR Division latest by 15th February, 2015. If any such request has not been sent, Board wants the requests to be sent latest by 6th March 2015.
Board further wants the field officers to note that extension of time for completing assessment is available only when the reference is made by the Competent Authority [Joint Secretary (FT & TR)-I or II, as the case may be]. Sections 153 and 153B of Income Tax Act, 1961 provide that in computing the period of limitation, the period commencing from the date on which a reference for exchange of Information is made by an authority competent under the agreements referred to in sections 90 or 90A(i.e. DTAA, TIEAs, Multilateral Convention) and ending with the date on which the information so requested is received by the Commissioner or a period of one year, whichever is less, shall be excluded, when the reference is made by the Assessing Officer. No such extension is available unless the reference received by FT & TR Division from field formations is made by the Competent Authority.
CBDT F.No.500/56/2014-FT&TR-IV/290., Dated: February 19, 2015