Assessment u/s144. - Income Tax - 1416/CBDT

INSTRUCTION NO. 1416/CBDT Dated: September 28, 1981 Reference is invited to para 7.08 of the minutes of the conference of CsIT held in May 1980 at New Delhi wherein while considering the ways and means for reduction of tax arrears it was decided as under:- As far as high pitched assessments are concerned instructions should issue that before making any assessment u/s.144 determining the total income of Rs.1 lakh or more the ITO should consult his I.A.C. 2. The matter has been reconsidered by the board in the light of existing instructions No.973 dated 8-7-76 in which it has been desired that if the addition proposed to be made in exparte assessment u/s.144 is Rs.1 lakh or more the ITO should discuss it with the IAC before finalising the assessment. It has been decided that no further instructions need be issued in pursuance of the minutes of Commissioners conference referred to above and only existing instructions should continue to be followed.