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of <h1>CBDT Urges ITOs to Expedite Assessments u/s 230A to Prevent Asset Transfers Before Settling Tax Demands.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) addresses concerns regarding the transfer of immovable property by taxpayers anticipating high tax demands. It highlights instances where taxpayers transferred assets before assessments were completed, making tax recovery difficult. The board instructs Income Tax Officers (ITOs) to expedite pending assessments within 60 days when an application under Section 230A is filed, ensuring tax demands are raised before asset transfers occur. The certificate for transfer should only be issued after the taxpayer has settled or made provisions for existing tax demands. These instructions are to be communicated to all relevant officers.
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