Non-selection for scrutiny: power-loom owners declaring stock and proof of ownership will not face scrutiny. Where a power-loom owner files an income-tax return for the first time for the assessment year 2004-05, the return shall not be selected for scrutiny provided the assessee makes a true disclosure of yarn and finished goods stock not exceeding Rs. 20,000 per power-loom and furnishes evidence in support of ownership of power-looms in his name; this concession will not have retrospective application or consequences.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non-selection for scrutiny: power-loom owners declaring stock and proof of ownership will not face scrutiny.
Where a power-loom owner files an income-tax return for the first time for the assessment year 2004-05, the return shall not be selected for scrutiny provided the assessee makes a true disclosure of yarn and finished goods stock not exceeding Rs. 20,000 per power-loom and furnishes evidence in support of ownership of power-looms in his name; this concession will not have retrospective application or consequences.
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