INCOME TAX

Order under section 119(2)(a) of the Income-tax Act, 1961, regarding benefits/concessions available to the migrants and residents of Kashmir Valley for the assessment year 2007-08

F. No. 275/12/2007-IT(B)

dated 26th April, 2007.

Order under section 119(2)(a) of the Income-tax Act dated 1-9-1992, was issued by the Board (File No. 243/6/90-ITA-II) waiving interest chargeable under section 234A and section 234B of the Income-tax Act, 1961 for the delay in filing of returns and nonpayment of advance tax, respectively, for the assessment years 1990-91 and 1991-92 (for a period up to the date of filing of return of income or one year from the end of the assessment year, whichever was earlier) in respect of the migrant assessees of Kashmir Valley.

2. Vide order under section 119(2)(a) dated 20-12-1993 the Board extended the benefit of the aforesaid Order under section 119(2)(a) dated 1-9-1992 for two more assessment years viz., the assessment years 1992-93 and 1993-94. The benefit of waiver of interest under section 234A and section 234B for the assessment years 1990-91, 1991-92, 1992-93 and 1993-94 was also extended to the assessees residing in or having their principal place of business in the Kashmir Valley.

3. The effect of the Orders dated 1-9-1992 and 20-12-1993 (supra) has been extended every year by the Board up to assessment year 2006-07.

4. It is hereby further ordered that the interest chargeable under section 234A and section 234B of the Income-tax Act, 1961 for the assessment year 2007-08 shall be waived for the period up to the date of filing of the return of income or up to 31-3-2009, whichever is earlier, in respect of the migrant assessees of Kashmir Valley and assessees who reside in, or have their principal place of business in, the Kashmir Valley.

(Sd.) Ansuman Pattnaik,

Deputy Secretary (Budget).