F.No.500/36/2017-FT&TR-IV(1)

GOVEMMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
(FT & TR-IV DIVISION)
NEW DELHI

Dated: December 26, 2017

To,

1. All the Principal Chief Commissioners of Income Tax
2. All the Directors General of Income Tax (Inv.)
3. Chief Commissioners of Income Tax (Central)

Subject: Request for Exchange of Information from Field Officers in time barring cases - reg.

The undersigned is directed to state that section 153 and 153B of the Income-tax Act, 1961 (hereinafter referred to as "the Act") provide for the time limit of completion of assessment, reassessment and recomputation of income. Explanation 1 to Section 153 and Explanation to Section 153B of the Act, inter alia, exclude the period commencing from the date on which the first reference is made by the competent Authority and ending with the date on which the information is last received by the Principal commissioner or commissioner or a period of one year, whichever is less, in computing the period of limitation provided in the said sections.

2. It may be brought to the notice of all the officers who are making EOI requests that recourse to the aforesaid exclusion provision can be taken only after a confirmation regarding the making of such reference by the competent Authority, i.e., JS FT&TR- I or II (depending on the foreign jurisdiction) is received by the Pr.CIT/CIT concerned.

3. This issues with the approval of Member (A&J), CBDT.

(Amrit Agrahari)
Under Secretary (FT & TR-IV(1)