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of <h1>1972 Circular Stresses Coordinated Income and Wealth Tax Assessments to Prevent Evasion; Requires Cross-Verification by Officers.</h1> The circular from November 15, 1972, emphasizes the need for coordination between income tax and other direct tax assessments, such as wealth tax, to prevent income and wealth from escaping assessment. It instructs that income tax and corresponding tax assessments should ideally be completed simultaneously. If simultaneous completion is not feasible, assessing officers must review both tax records before making assessments, noting any relevant information for cross-verification. Commissioners and Inspecting Assistant Commissioners are tasked with ensuring this procedure is followed, with an office note indicating that relevant tax records have been consulted during the assessment process.
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