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Stay extended

Special Correspondent

NEW DELHI: The Central Board of Direct Taxes (CBDT) has extended the stay on all assessment and recovery proceedings relating to cases re-opened specifically to reassess the claim for deduction under Section 80HHC of the Income-Tax Act to October 31 this year from September 30, according to a Finance Ministry statement here.

The CBDT has also decided not to levy penalty under section 271FA of the Income Tax Act in cases where the Annual Information Return (AIR) under section 285BA in respect of specified financial transactions registered or recorded during 2004-05 is furnished on or before November 30, 2005.

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