Circular No. 475 — Section 269UC l Restriction on Transfer of Immovable Property

What this is

Circular No. 475 was issued by the Central Board of Direct Taxes on 9 December 1986. Its subject is Section 269UC l Restriction on Transfer of Immovable Property.

What it does

Directs that no punitive action be taken where the statement in Form No. 37-I under rule 48L(2)(a), due for compliance before 16 October 1986, was filed late but on or before 15 November 1986. It relates to the restriction on transfer of immovable property under Chapter XX-C, of which section 269UC is part.

Why it was issued

Representations had been received about the time limit in rule 48L(2)(a), the Board noting that Chapter XX-C had come into effect for the first time on 1 October 1986 and that there were a number of holidays in the period on account of the festive season.

Who it reaches

Parties to transfers of immovable property in the first fortnight of Chapter XX-C's operation
Persons who filed Form No. 37-I after 15 October 1986
Officers of the appropriate authority under Chapter XX-C

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.269UC	no counterpart recorded

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

SECTION 269UC l RESTRICTION ON TRANSFER OF IMMOVABLE PROPERTY
1279. Time-limit to file statement in Form No. 37-I in respect of transfer of immovable property before 16-10-1986 - Rule 48L(2)(a) of the Income-tax Rules, 1962 - Extension of
The Government have received representations in respect of time limit laid down under rule 48L(2)(a) of the Income-tax Rules, 1962 for compliance before 16-10-1986. Considering that the provisions of Chapter XXC, where under rule 48L(2)(a) has been made, have come into effect for the first time on 1-10-1986 and there were a number of holidays during this period on account of festive seasons, it has been decided not to take any punitive action in all cases of belated compliance with the provisions of rule 48L(2)(a) made on or before 15-11-1986.
Circular: No. 475 [F.No. 316/127/86-WT], dated 9-12-1986.

What to watch

This is a one-time indulgence for a fortnight in 1986; both the original date and the extended date of 15 November 1986 are long past.
It stops punitive action only; it does not extend the rule's own time limit.
It reaches only compliance with rule 48L(2)(a), not other obligations under Chapter XX-C.
Chapter XX-C, the machinery it belongs to, has itself ceased to apply to later transfers.

Where you meet it

Only in an old Chapter XX-C matter about a transfer of immovable property in October 1986 where a late Form No. 37-I was in issue.

What it names

Forms it names. Form No. 37

Rules it names. Rule 48L of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 636E — A notification under section 269UC of the Income-tax Act, 1961 12 July 1995
Notification No. 856E — A notification under section 269UC of the Income-tax Act, 1961 29 November 1994

← Circular No. 476 · Circular No. 474 →

A circular binds the department, not you and not a court. The Board issues a circular to its own officers. An assessee may hold the department to a circular that helps him; the department cannot hold an assessee to one that hurts him, and the Tribunal and the courts decide the law for themselves.

Source: the Income Tax Department’s own published text — its page for this instrument.