Cases where simultaneous IT and WT assessment required. - Income Tax - 1719/CBDT

INSTRUCTION NO. 1719/CBDT Dated: July 24, 1986 The Board has decided that where, under the existing instructions, income-tax assessment of an assessee is to be completed in a summary manner on the basis of return filed by him, his wealth-tax assessment should also be completed in a summary manner on the basis of return filed by him, without requiring him to produce evidence in support of it, in cases where the returned net wealth is Rs. 5 lakhs or less. In such cases, the income-tax and wealth-tax assessment should be completed simultaneously. 2. In cases where the returned net wealth is more than Rs. 5 lakhs, the assessment may he made as at present after due enquiry, wherever necessary. 3. These instructions may be brought to the notice of all officers working in your charge.