IT Rule 129 (Form 68 for Application u/s 270AA) notified by CBDT

CBDT notifies new Income Tax Rule 129 reg. Form 68 for Application u/s 270AA

CBDT has notified new Income Tax Rule 129 regarding Form 68 for Application u/s 270AA, i.e. application to Assessing Officer for immunity from imposition of penalty under section 270A and from initiation of proceedings under section 276C or section 276CC, as under:

CBDT Notification No. 90 /2016 dt. 5 Oct. 2016 F.No.370142/26/2016-TPL

S.O. 3150 (E).— In exercise of the powers conferred by section 295 read with sub-section (2) of section 270AA of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax ( 25th Amendment) Rules, 2016. (2) They shall come into force on the 1st day of April, 2017.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), after rule 128, following rule shall be inserted, namely:-

“129. Form of application under section 270AA.-

An application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and from initiation of proceedings under section 276C or section 276CC shall be made in Form No.68.”.

3. In the said rules, in Appendix-II, after Form No.67, the following form shall be inserted, namely:-

“FORM No.68

Form of application under section 270AA(2) of the Income-tax Act, 1961

(please refer attachment for the table)

Form of verification I, ____________________________son/daughter* of_____________________ do hereby declare that what is stated above is true to the best of my information and belief. I further declare that no appeal has been filed in respect of the order mentioned in column 2 above. I also undertake that no appeal shall be filed in respect of the said order before the expiry of the period specified in section 270AA(4) of the Income-tax Act, 1961. I declare that I am making this application in my capacity as ____________________ and I am also competent to file this application and verify it.

CBDT Notification No. 90/ 2016 dt. 5 Oct. 2016

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