Default by AO should always be examined in detail and appropriate action taken against them.

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..... have also been adversely commented upon by the Revenue Audit. 2. Attention is invited to the provisions of Rule 2 of the Wealth Tax Rules, 1957, which lay down the procedure for valuation of interest in partnership or association of persons. This Rule provides that the net wealth of the firm or association on the valuation date should first be determined. For the purposes of determination of th .....

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..... of assessment under the I.T.Act, as the case may be, by more than 2-A be taken to be market value. These provisions should be strictly followed. 4. The Board desire that it should be ensured that such defaults by assessing officers should always be examined in detail and appropriate action taken against them. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Managem .....

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