Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Clarification on Assessment Procedures u/ss 144A and 144B of Income Tax Act, 1961 for Firms and Partners.</h1> The circular outlines the assessment procedure under sections 144A and 144B of the Income Tax Act, 1961. It addresses the scenario where an Income-tax Officer proposes an addition exceeding Rs. 1 lakh to a firm's income, affecting the partners' income shares. It clarifies that section 144B applies if a partner's income share increases by Rs. 1 lakh. The Board mandates completing firm assessments by September 30, 1976, to allow time for partners' assessments. In exceptional cases, partners' assessments may use returned income, subject to rectification. Details of partner cases completed before April 1, 1976, where section 144B was not followed, are requested by June 1, 1976.
TaxTMI 
TaxTMI 
