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INTEREST TAX ACT, 1974
45 of 1974
23rd September, 1974
STATEMENT OF OBJECTS AND REASONS The object of the Bill is to impose a special tax on the. total amount of interest received by scheduled banks on loans and advances made in India. However, interest on Government securities as also debentures and other securities issued by local authorities, companies and statutory corporations will not be included in the tax base. Interest received on loans and advances made to other scheduled banks will likewise be exempted from the proposed levy. The tax will be levied at the rate of seven per cent. on the chargeable amount of interest. Interest accruing or arising before 1 st August, 1974 will not be liable to tax. The tax will be allowed as deduction in computing the taxable income under the Income-tax Act, 1961, 2. The tax is expected to have both monetary and fiscal impact inasmuch as it will serve the purpose of raising the cost of borrowed funds and supplementing Government revenues. - Gaz. of India, 2-9-1974, Pt. II, S. 2, Ext., p, 953.
An Act to impose a special tax on interest in certain cases. Be it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows :-
SECTION 01: SHORT TITLE AND EXTENT
- (1) This Act may be called The Interest Tax Act, 1974.
(2) It extends to the whole of India.
SECTION 02: DEFINITIONS
- In this Act, unless the context otherwise requires,-
(1) "assessee" means a person by whom interest-tax or any other sum of money is payable under this Act and includes -
(a) every person in respect of whom any proceeding under this Act has been taken for the assessment of his chargeable interest or of the amount of refund due to him or of the chargeable interest of any other person in respect
of which he is assessable or of the amount of refund due to such other person;
(b) every person who is deemed to be an assessee in default under any provision of this Act;
(2) "assessment" includes re-assessment;
(3) "assessment year'' means the period of twelve months commencing on the 1st day of April, every year;
(4) "Board" means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963;
(5) "chargeable interest" means the total amount of interest referred to inSection 5-, computed in the manner laid down inSection 6-;
1[(5A) "credit institution" means,-
(i) a banking company to which the Banking Regulation Act, 1949, applies including any bank or banking institution referred to in Section 51 of that Act)4[ x x x x ];
(ii) a public financial institution as defined inSection 4A of the Companies Act, 1956-
(iii) a State financial corporation established underSection 3-orSection 3A-or
an institution notified underSection 46 of the State Financial Corporations Act, 1951-and
(iv) any other financial company;
(5B) "financial company" means a company, other than a company referred to in sub- clause (i), (ii) or (iii) of clause (5A), being -
(i) a hire-purchase finance company, that is to say, a company which carries on, as its principal business, hire-purchase transactions or the financing of such transactions;
(ii) an investment company, that is to say, a company which carries on, as its principal business, the acquisition of shares, stock, bonds, debentures, debenture stock or securities issued by the Government or a local authority, or other marketable securities of a like nature;
(iii) a housing finance company, that is to say, a company which carries on, as its principal business, the business of financing of acquisition or constrution of houses, including acquisition or development of land in connection therewith;
(iv) a loan company, that is to say, a company [not being a company referred to in sub-clauses (i) to (iii)] which carries on, as its principal business, the business of providing finance, whether by making loans or advances or otherwise;
(v) a mutual benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the Central Government underSection 620A of the Companies Act, 1956-, to be a Nidhi or Mutual Benefit Society;5[x]
5[(va) a residuary non-banking company [other than a financial company referred to in sub-clause (i), (ii), (iii), (iv) or (v)] that is to say, a company which receives any deposit under any scheme or arrangement, by whatever name called, in one lump sum or in
instalments by way of contributions or subscriptions or by sale of units or certificates or other instruments or in any other manner; or]
(vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business referred to in the preceding sub-clauses;]
(6) "Income-tax Act" means the Income-tax Act, 1961;
2[(7) "interest" means interest on loans and advances made in India and includes -
(a) commitment charges on unutilised portion of any credit sanctioned for being availed of in India; and
(b) discount on promissory notes and bills of exchange drawn or made in India, but does not include -
(i) interest referred to in sub-section (1B) ofSection 42 of the Reserve Bank of India Act, 1934-
(ii) discount on treasury bills;]
(8) "prescribed" means prescribed by rules made under this Act;
3[(9) x x x ]
(10) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act.
SECTION 03: TAX AUTHORITIES
- 6[(1) The Income-tax authorities specified inSection 116 of the Income-tax Act-shall be the interest-tax authorities for the purposes of this Act.
(1A) .Every such authority shall exercise the powers and perform the functions of an interest-tax authority under this Act in respect of any person within his jurisdiction.
(1B) The jurisdiction of an interest-tax authority under this Act shall be the same as he has under the Income-tax Act by virtue of orders or directions issued underSection 120-of that Act (including orders or directions assigning the concurrent jurisdiction) or under any other provision of that Act.
(1C) The interest-tax authority having jurisdiction in relation to a credit institution which has no income assessable to income-tax under the Income-tax Act shall be the interest-tax authority having jurisdiction in respect of the
area in which that institution carries on its business or has its principal place of business.
(1D)Section 118 of the Income-tax Act-and any notification issued thereunder shall apply in relation to the control of interest-tax authorities as they apply in relation to the control of the corresponding income-tax
authorities, except to the extent to which the Board may, by notification in the Official Gazette, otherwise direct in respect of any interest-tax authority.]
(2) All officers and persons employed in the execution of this Act shall observe and follow the orders, instructions and directions of the Board : Provided that no such orders, instructions or directions shall be issued -
(a) so as to require any tax authority to make a particular assessment or to dispose of a particular case in a particular manner; or
(b) so as to interfere with the discretion of the Appellate Assistant Commissioner in the exercise of his appellate functions.
(3) Every Income-tax Officer7[or Assistant Commissioner] employed in the execution of this Act shall observe and follow the orders, instructions and directions issued for his guidance by the8[Director] or by the Commissioner or by the9[Additional Commissioner of Income- tax or the Deputy Commissioner] within whose jurisdiction he performs his functions.
SECTION 04: CHARGE OF TAX
- 11[(1) Subject to the provisions of this Act, there shall be charged on every scheduled bank for every assessment year commencing on or after the 1st day of April, 1975, a tax (in this Act referred to as interest-tax) in respect of its chargeable interest of the previous year at the rate of seven per cent of such chargeable interest.10[Provided that the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of March, 1983 shall be three and a half per cent. of such chargeable interest.]
11[(2) Notwithstanding anything contained in sub-section (1) but subject to the other provisions of this Act, there shall be charged on every credit institution for every assessment year commencing on and from the 1st day of April, 1992, interest-tax in respect of its' chargeable interest of the previous year at the rate of three per cent. of such chargeable interest.]
12"(3) Notwithstanding anything contained in sub-sections (1) and (2), no interest- tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of March, 2000.".
SECTION 05: SCOPE OF CHARGEABLE INTEREST
- Subject to the provisions of this Act, the chargeable interest of any previous year of a credit institution shall be the total amount of interest (other than interest on loans and advances made to other credit institutions[or to any cooperative society engaged in carrying on the business of banking]) accruing or arising to the credit institution in that previous year : Provided that any interest in relation to categories of bad or doubtful debts referred to inSection 43D of the Income-tax Act-shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account for that year or, as the case may be, in which it is actually received by the credit institution, whichever is earlier.]
SECTION 06: COMPUTATION OF CHARGEABLE INTEREST
- (1) Subject to the provisions of sub- section (2), in computing the chargeable interest of a previous year, there shall be allowed from the total amount of interest (other than interest on loans and advances made to16[credit institutions] accruing or arising to the assessee in the previous year, a deduction in respect of the amount of interest which is established to have become a bad debt during the previous year: Provided that such interest has been taken into account in computing the chargeable interest of the assessee of an earlier previous year and the amount has been written off as irrecoverable in the accounts of the assessee for the previous year during which it is established to have become a bad debt.
(2) In computing the chargeable interest of a previous year, the amount of interest which accrues or arises to the assesseea [before the 1st day of August, 1974 or17[during the period commencing on the 1st day of April, 1985 and ending with the 30th day of September, 1991] shall not be taken into account.
SECTION 07: RETURN OF CHARGEABLE INTEREST
-18[ (1) In the case of every credit institution, its principal officer, or where in the case of a non-resident, credit institution any person has been treated as its agent underSection 163 of the Income-tax Act-, such person, shall furnish a return of the chargeable interest of the credit institution of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, before the 31st day of December of the assessment year.
(2) Without prejudice to the provisions of sub-section (1), the Assessing Officer may, before the end of the relevant assessment year, serve a notice upon the principal officer of any credit institution, or where in the case of a non-resident credit institution any person has been treated as its agent underSection 163 of the Income-tax Act-, upon such person, requiring him to furnish within thirty days from the date of service of the notice a return of the chargeable interest of the credit institution of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.]
(3) Any assessee who has not furnished a return within the time allowed under sub- section (1) or sub-section (2), or having furnished a return under sub-section (1) or sub- section (2), discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time [before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.]
SECTION 08: ASSESSMENT
- (1) For the purposes of making an assessment under this Act, thea [Assessing Officer] may serve on any person who has furnished a return underSection 7-or upon whom a notice has been served under sub-section (2) ofSection 7-(whether a return has been furnished or not) a notice requiring him on a date therein to be specified, to produce or cause to be produced such accounts or documents or evidence as the20[Assessing Officer] may require for the purposes of this Act and may, from time to time, serve further notices requiring the production of such further accounts or documents or other evidence as he may require.
(2) The20[Assessing Officer], after considering such accounts, documents or evidence, if any, as he has obtained under sub-section (1) and after taking into account any relevant material which he has gathered, shall, by an order in writing, assess the chargeable interest and the amount of the interest-tax payable on the basis of such assessment.
21[(3) If any person -
(a) fails to make a return as required under sub-section (1) ofSection 7-and has not made a return or a revised return under sub-section (3) of that Section, or
(b) fails to comply with all the terms of notice under sub-section (2) of that Section, the Assessing Officer shall, after taking into account all the relevant material which he has gathered and after giving the assessee an opportunity of being heard, make the assessment of the total chargeable interest to the best of his judgment and determine the sum payable by the assessee on the basis of such assessment : Provided that such opportunity shall be given by the Assessing Officer by serving a notice calling upon the assessee to show cause, on adate and time to be specified in the notice, why the assessment should not be completed to the best of his judgment: Provided further that it shall not be necessary to give such opportunity in a case where a notice under sub-section (1) has been issued prior to the making of an assessment under this section.]
SECTION 09: SELF-ASSESSMENT
- (1) Where interest-tax is payable on the basis of any return required to be furnished underSection 7-orSection 10-, after taking into account the amount of interest-tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such interest-tax, together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance interest-tax, before furnishing the return and the return shall be accompanied by proof of payment of such interest-tax and interest.
(2) After the assessment underSection 8-has been made, any amount paid under sub- section (1) shall be deemed to have been paid towards such assessment.
(3) If any assessee fails to pay the whole or any part of interest-tax or interest or both in accordance with the provisions of sub-section (1), he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the interest-tax or interest; or both remaining unpaid, and all the provisions of this Act shall apply accordingly.]
SECTION 10: INTEREST ESCAPING ASSESSMENT
- If -
(a) the23[Assessing Officer] .has reason to believe that by reason of the omission or failure on the part of the assessee to make a return underSection 7-for any assessment year or to disclose fullly and trully all material facts necessary for his assessment for any assessment year, chargeable interest for that year has escaped assessment or has been under-assessed or has been made the subject of excessive relief under this Act, or
(b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the23[Assessing Officer] has, in consequence of information in his possession, reason to believe that chargeable interest assessable for any assessment year has escaped assessment or has been under-assessed or has been made the subject of excessive relief under this Act. he may, in cases falling under clause (a), at any time, and in cases falling under clause (b), at any time within four years of the end of that assessment year, serve on the assesee a notice containing all or any of the requirements which may be included in a notice underSection 7-, and may proceed to assess or re-assess the amount chargeble to interest-tax, and the provisions of this Act shall, so far as may be, apply, as if the notice were a notice issued under that section.
SECTION 10A: TIME LIMIT FOR COMPLETION OF ASSESSMENTS AND RE-ASSESSMENTS
- (1) No order of assessment shall be made underSection 8-at any time after the expiry of two years from the end of the assessment year in which the interest was first assessable.
(2) No order of assessment or re-assessment shall be made under Section 10 after the expiry of two years from the end of the financial year in which the notice under that section was served.
(3) Notwithstanding anything contained in sub-sections (1) and (2), and order of fresh assessment in pursuance of an order passed underSection 15-,Section 16-,Section 19-or Section 20, setting aside or cancelling an assessment may be made at any time before the expiry of two years from the end of the financial year in which the order underSection 15-orSection 16-is received by the Commissioner or, as the case may be, the order underSection 19-orSection 20-is passed by the Commissioner.
(4) The provisions of sub-sections (1) and (2) shall not apply to the assessment or re-assessment made in consequence of, or to give effect to, any finding or direction contained in an order underSection 15-orSection 16-orSection 19-orSection 20-of this Act orSection 256-orSection 260 of the Income-tax Act-as applicable to this Act by virtue ofSection 21-of this Act or in an order of any Court in a proceeding otherwise than by way of appeal or reference under this Act and such assessment or reassessment may, subject to the provisions of sub-section (3), be completed at any time.
SECTION 11: ADVANCE PAYMENT OF INTEREST-TAX
- (1) Interest-tax shall be payable in advance during the financial year in respect of the chargeable interest for the assessment year immediately following that financial year in accordance with the provision of this .Section.
(2) Interest-tax shall be payable in advance in three instalments during each financial year, the due date of, and the amount payable in, each such instalment being as specified in the following Table: TABLE Due date of instalment Amount payable On or before the 15th September Not less than twenty per cent. of such interest-tax payable in advance. On or before the 15th December Not less than fifty per cent. of such interest-tax payable in advance, as reduced by the amount, if any, paid in the earlier instalment. On or before the 15th March The whole amount of such interest-tax payable in advance as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments : Provided that any amount paid by way of interest-tax payable in advance on or before the 31st day of March shall also be treated as interest-tax paid in advance during the financial year ending on that day for all the purposes of this Act
SECTION 12: INTEREST FOR DEFAULT IN FURNISHING RETURN OF CHARGEABLE INTEREST
- (1) Where the return of chargeable interest for any assessment year under sub-section (1) ofsection 7-, or in response to a notice under sub-section (2), of that section is furnished after the due date, or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period commencing on the date immediately following the due date, and,-
(a) where the return is furnished after the due date, ending on the date of the furnishing of the return; or
(b) where no return has been furnished, ending on the date of completion of assessment under sub-section (3) ofsection 8-, on the amount of the interest-tax on the chargeable interest as determined under sub-section (2) or subsection (3) ofsection 8-as reduced by the interest-tax paid in advance.
(2) The interest payable under sub-section (1) shall be reduced by the interest, if any, paid undersection 9-towards the interest chargeable under this section.
(3) Where the return of chargeable interest for any assessment year, required by a notice undersection 10-issued after the completion of assessment under sub-section (2) or sub-section (3) ofsection 8-orsection 10-is furnished after the expiry of the time allowed under such notice or is not furnished, the assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period commencing on the date immediately following the expiry of time allowed as aforesaid, and,-
(a) where the return is furnished after the expiry of the time aforesaid, ending on the date of furnishing the return; or
(b) where no return has been furnished, ending on the day of completion of the re-assessment undersection 10-. on the amount by which the interest-tax on the chargeable interest as determined on the basis of such re-assessment exceeds the interest-tax on chargeable interest on the basis of earlier assessment aforesaid.
(4) Where, as a result of an order undersection 15-orsection 17-of this Act orsection 254-orsection 260-orsection 262 of the Income-tax Act-, as applicable to this Act by virtue ofsection 21-of this Act, the amount on which interest was payable under sub-section (1) or sub section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and -
(i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice undersection 156 of the Income-tax Act-as applicable to this Act by virtue ofSection 21-, and the provisions of this Act shall apply accordingly;
(ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded.
(5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent years.
SECTION 12A: INTEREST FOR DEFAULT IN PAYMENT OF INTEREST-TAX IN ADVANCE
- (1) Subject to the other provisions of this section, where in any financial year, an assessee, who is liable to pay interest-tax in advance undersection 11-has failed to pay such tax, or where the interest-tax paid in advance by such assessee is less than ninety per cent. of the assessed interest-tax, the assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period from the 1st day of April next following such financial year to the date of determination of chargeable interest under sub-section (2) or, as the case may be, sub-section (3) ofsection 8-on an amount equal to the assessed interest-tax, or, as the case may be, on the amount by which the interest-tax payable in advance falls short of the assessed interest-tax.
(2) Where, before the date of completion of assessment under sub-section (2) or sub- section (3) ofsection 8-, interest-tax is paid by the assessee undersection 9-or otherwise,-
(i) interest shall be calculated in accordance with the foregoing provisions of
this section up to the date on which the tax is so paid, and reduced by the
interest, if any, paid undersection 9-towards the interest chargeable under this section :
(ii) thereafter, interest shall be calculated at the rate aforesaid on the amount
by which the tax so paid together with interest-tax paid in advance falls short of the assessed interest-tax.
(3) Where, as a result of an order of re-assessment undersection 10-, the amount on which the interest was payable under sub-section (1) is increased, the assessee shall be liable to pay simple interest at the rate of two per cent. for every month or part of a month comprised in the period commencing on the day following the completion of the assessment under sub-section (2) or, as the case may be, sub-section (3) ofsection 8-referred to in sub-section (1) and ending on the date of re-assessment undersection 10-, on the amount by which the interest-tax on the basis of the re-assessment exceeds the interest-tax on the chargeable interest determined on the basis of assessment under sub-section (2) or, as the case may be, sub-section (3) ofsection 8-.
(4) Where, as a result of an order undersection 15-orsection 17-of this Act orsection 254-orsection 260-orsection 262 of the Income-tax Act-as applicable to this Act by virtue ofsection 21-of this Act, the amount on which interest was payable under sub-section (1) or sub-section (3) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and-
(i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable and such notice of demand shall be deemed to be a notice
undersection 156 of the Income-tax Act-as applicable to this Act by virtue ofsection 21-of this Act, and provisions of this Act shall apply accordingly;
(ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded.
(5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years.
SECTION 12B: INTEREST FOR DEFERMENT OF INTEREST-TAX PAYABLE IN ADVANCE
- (1) Where in any financial year, the assessee who is liable to pay interest-tax in advance undersection 11-has failed to pay the interest-tax and where such tax paid by the assessee on his chargeable interest on or before the 15th day of September is less than twenty per cent of the interest-tax due on the returned chargeable interest or the amount of such interest-tax paid on or before the 15th day of December is less than fifty per cent. of the tax due on the returned charageable interest then, the assessee shall be liable to pay simple interest at the rate of one and one-half per cent. per month of the shortfall for a period of three months on the amount of shortfall from twenty per cent. or; as the case may be, fifty per cent. of the interest-tax due on the returned chargeable interest,
(2) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1992 and subsequent assessment years.
SECTION 13: PENALTY FOR CONCEALMENT OF CHARGEABLE INTEREST
- If the Assessing Officer or the Commissioner (Appeals) in the course of any proceeding under this Act, is satisfied that any person has concealed the particulars of chargeable interest or has furnished inaccurate particulars of such interest, he may direct that such person shall pay by way of penalty, in addition to any interest-tax payable by him, a sum which shall not be less than, but shall not exceed three times, the amount of interest-tax sought to be evaded by reason of the concealment of particulars of his chargeable interest or the furnishing of inaccurate particulars of such chargeable interest.]
SECTION 14: OPPORTUNITY OF BEING HEARD
- No order imposing a penalty undersection 12-orsection 13-shall be made unless the assessee has been heard, or has been given a reasonable opportunity of being heard.
SECTION 15: APPEALS TO THE APPELLATE ASSISTANT COMMISSIONER
- (1) Any person objecting to the amount of interest-tax for which he is assessed by thea [Assessing Officer] or denying his liability to be assessed under this Act, or objecting to any penalty or fine imposed by the26 [Assessing Officer], or to the amount allowed by the26[Assessing Officer] by way of any relief under any provision of this Act, or to any refusal by the26[Assessing Officer] to grant relief or to an order of rectification having the effect of enhancing the assessment or reducing the refund, or to an order refusing to allow the claim made by the assessee for a rectification Undersection 17-, may appeal to the Appellate Assistant Commissioner.
(2) Every appeal shall be in the prescribed form and shall be verified in the prescribed manner.
(3) An appeal shall be presented within thirty days of the following date, that is to say,-
(a) where the appeal relates to assessment or penalty or fine, the date of service of the notice of the demand relating to the assessment or penalty or fine, or
(b) in any other case, the date on which the intimation of the order sought to be appealed against is served: Provided that the Appellate Assistant Commissioner may admit an appeal after the expiration of the said period if he is satisfied that the appellant had sufficient cause for not presenting it within that period.
(4) The Appellate Assistant Commissioner shall hear and determine the appeal and, subject to the provisions of this Act, pass such orders as he thinks fit and such orders may include an order enhancing the assessment or penalty : Provided that an order enhancing the assessment or penalty shall not be made unless the person affected thereby has been given a reasonable opportunity of showing cause against such enhancement.
(5) The procedure to be adopted in the hearing and determination of the appeals shall, with any necessary modification, be in accordance with the procedure applicable in relation to income-tax.
SECTION 15A: OMITED
]x x x
SECTION 16: APPEALS TO APPELLATE TRIBUNAL
- (1) Any assessee aggrieved by an order passed by a Commissioner undersection 19-, or an order passed by an Appellate Assistant Commissioner under any provision of this Act, may appeal to the Appellate Tribunal against such order.
(2) The Commissioner may, if he objects to any order passed by the Appellate Assistant Commissioner under any provision of this Act, direct the29[Assessing Officer] to appeal to the Appellate Tribunal against the order.
(3) Every appeal under sub-section (1) or sub-section (2) shall be filed within sixty days of the date on which the order sought to be appealed against is communicated to the assessee or to the Commissioner, as the case may be.
(4) The29[Assessing Officer] or the assessee, as the case may be, on receipt of notice that an appeal against the order of the Appellate Assistant Commissioner has been preferred under sub-section (1) or sub-section (2) by the other party may, notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of the receipt of the notice, file a memorandum of cross-objections, verified in the prescribed manner, against any part of the order of the Appellate Assistant Commissioner, and such memorandum shall be disposed of by the Appellate Tribunal as if it were an appeal presented within the time specified in sub-section.(3).
(5) The Appellate Tribunal may admit an appeal or permit the filing of a memorandum of cross-objections after the expiry of the relevant period referred to in sub-section (3) or sub-section (4), if it is satisfied that there was sufficient cause for not presenting it within that period.
(6) An appeal to the Appellate Tribunal shall be in the prescribed form and shall be verified in the prescribed manner and, shall, except in the case of an appeal referred to in sub-sec. (2) or a memorandum of cross-objections referred to in sub-section (4), be accompanied by a fee of28 [two hundred rupees].
(7) Subject to the provisions of this Act, in hearing and making an order on any appeal under this section, the Appellate Tribunal shall exercise the same powers and follow the same procedure as it exercises and follows in hearing and making an order on any appeal under the Income-tax Act.
SECTION 17: RECTIFICATION OF MISTAKES
- (1) With aview to rectifying any mistake apparent from the record, the Commissioner, the31[Assessing Officer], the Appellate Assistant Commissioner and the Appellate Tribunal may, of his, or its, own motion or on an application by the assessee in this behalf, amend any order passed by him or it in any proceeding under this Actd[within four years from the end of the financial yea
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