CBDT Instruction 1994 dated 11-05-1994 – Permissible holding of Gold not liable for seizure in search operation
Applicability of the provisions of section 194-I of the Income-tax Act in respect of payments made to a hotel for rooms.
When no limitation is provided in the statute for initiation of action and passing the order, held that the same has to be done within a reasonable time which according to the Tribunal was four years.
Refund couldn’t be rejected on ground that it was adjusted against tax arears in absence of sec. 156 notice