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TMI BlogFraming of scrutiny assessments in cases of fish farmers involved in running inland fresh water fish tanks-regarding.X X X X Extracts X X X X X X X X Extracts X X X X ..... th Block, New Delhi Dated the 27 th October, 2014 To All Pr. Chief-Commissioners of Income-tax/Chief-commissioners of Income-tax All Pr. Directors-General of Income-tax/Directors-General of Income-tax Sir/Madam Subject:- Framing of scrutiny assessments in cases of fish farmers involved in running inland fresh water fish tanks-regarding Representations have been recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted as non-uniform yardsticks/benchmarks are being adopted by the different Assessing Officers. Likewise, in such cases, taxpayers estimate their income on basis of benchmarks prescribed in earlier circular of the Board in F.No.225/222/93/ITA.II dated 19.10.1993 which for the Assessment Year 1993-94, on per Acre water spread area basis, prescribed a rate of ₹ 4,000/- as income from activ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d interior areas lacking banking facilities, vagaries of nature including availability of water, lack of education and knowledge of accounting, etc.) being faced for proper administration of relevant provisions of the Income-tax Act, 1961 ( Act ) to cases of fish farmers, Board is of the view that uniform and appropriate norms may be applied while computing income form fish culture on basis of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act shall be allowed to the taxpayer concerned as the income from activity of fish farming is being estimated on net basis after due consideration of allowable business expenses in such an estimation. 4. Further, section 133A of the Act may not be invoked indiscriminately for purposes of mere estimation of the income of fish farmers and may only be undertaken in those cases where the Dep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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