Assessment procedure introduced by section 144A and 144B of the Income tax Act 1961.

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..... e new assessment procedure as introduced by section 144A and 144B of the Income tax Act 1961. A copy of Board's order of even number dated the 23rd December 1975 fixing the variation limit at Rs. 1 lakh for purposes of section 144B was also forwarded alongwith this Instruction. 2. A question has been raised where in completing the assessment of a firm under section 143(3), the Income-tax Officer .....

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..... e is available for completing assessments of the partners after complying with the provisions of section 144B of the Act. You may kindly issue necessary instructions to the Income-tax Officers to adhere to this time limit scrupulously. The Inspecting Assistant Commissioners may take steps for completing the assessments of the firms for the assessment year 1974-75 by 30th September 1976 and to keep .....

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..... gistered firm was more than Rs. 1 lakh in comparison to the disclosed share of income, but the procedure laid down in the said section was not followed. You may kindly indicate the number of such cases along with the tax effect involved on account of variation in the disclosed share of income and/or loss in comparison to the determined share of income/or loss. This information may kindly be furnis .....

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