Partners' assessments were rectified u/s 155(1)(a) of the I.T. Act. - Income Tax - 444/CBDT

INSTRUCTION NO. 444/CBDT Dated: August 5, 1972 Section(s) Referred: 155 Statute: Income - Tax Act, 1961 A case has come to the notice of the Board where the partners' assessments were rectified u/s 155(1)(a) of the I.T. Act, on the basis of a provisional assessment made on the firm. As this would result in unnecessary multiplication of proceedings, the Board desire that rectification u/s 155(1)(a) should be made only on completion of the regular assessment of the firm unless there are special circumstances warranting a rectification on the basis of the provisional assessment. All the I.T. Officers working in your charge may be advised accordingly.