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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Issues Guidelines on Summary Assessments u/s 143(1) of Income Tax Act, 1961.</h1> The circular from the Central Board of Direct Taxes (CBDT) dated September 14, 1972, provides instructions on summary assessments under Section 143(1) of the Income Tax Act, 1961. It specifies that Income-tax Officers (ITOs) under Inspecting Assistant Commissioners (IACs) should inspect approximately 12 scrutiny and 25 summary assessments, though these numbers can be adjusted by Commissioners based on local circumstances. The inspections are not intended to be as detailed as regular IAC inspections. For a case to undergo detailed scrutiny, it must be marked as Category I and have a returned/assessed income exceeding Rs. 25,000 to Rs. 50,000 in the current or past two years. Cases not meeting these criteria should follow the summary assessment procedure.
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