Assessments under Interest Tax Act. - Income Tax - 1439/CBDT

INSTRUCTION NO. 1439/CBDT Dated: December 16, 1981 It has been brought to the notice of the Board that due to absence of a statutory time limit, assessments under the Interest Tax Act, 1974 are not being taken up and completed by the Assessing Officers. The Board desires that the CsIT may examine how many such assessments are pending for completion and ensure that, in future, these assessments are also completed within the time limit prescribed for completion of assessments under the I.T. Act, 1961. In fact as far as possible assessments under the Interest Tax Act, 1974 should be completed along with the assessments under the Income-tax Act.