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of <h1>Income Tax Act 1961: Officers Must Verify Sugar Mills' Production and Sales with Official Records for Accurate Assessments.</h1> The circular from June 7, 1978, addresses the assessment of sugar mills under the Income Tax Act, 1961. It highlights the necessity for assessing officers to verify production and sale figures of sugar mills against official records from the Directorate of Sugar and Vanaspati and the Central Excise authorities. This follows observations by the Public Accounts Committee about inadequate checks by an Income Tax Officer on a cooperative sugar society. The document emphasizes the importance of using official data to ensure accurate assessments and refers officers to guidelines in the 'Investigation of Accounts' for handling sugar-related cases.
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