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of <h1>CBDT Circular 1972: Improve Income Tax Assessments, Address Deficiencies, Ensure Proper Documentation, Inquiry, and Justification.</h1> The circular from the Central Board of Direct Taxes (CBDT), dated February 1, 1972, addresses issues in income tax assessments and provides guidance for improvement. It highlights deficiencies in assessment orders, such as unjustified reductions in gross profit rates, improper disallowance of expenses, and inadequate handling of cash credits and penalties. The circular emphasizes the need for thorough documentation, citing specific instances for disallowances, and ensuring proper inquiry and justification for additions. It instructs tax officers to follow established guidelines and circulate favorable tribunal decisions to provide consistent and informed assessments. Commissioners are requested to ensure compliance with these instructions.
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