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of <h1>CBDT Circular Guides ITOs on Assessments: Emphasizes Clear Documentation for Income, Expenses, and Rebates u/ss 144 and 41(1).</h1> The circular from the Central Board of Direct Taxes (CBDT) dated December 4, 1970, instructs Income Tax Officers (ITOs) on handling assessments under Section 144 of the Income Tax Act, 1961. It references a Supreme Court decision concerning the treatment of income and stresses the importance of clearly documenting expenses, depreciation, and development rebate in assessment orders. This clarity is crucial for correctly taxing any remission or cessation of trading liabilities under Section 41(1) in subsequent years and for managing the withdrawal of development rebates under Section 155(5). The instructions are to be communicated to all ITOs.
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