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of <h1>Income Tax Circular Stresses Strict Adherence to Interest Levy on Assessments from 1971-74, Highlights Documentation Importance.</h1> The circular addresses concerns raised by the Public Accounts Committee regarding the failure to levy interest on income tax assessments involving income of Rs. 5,000 and above, completed during the financial years 1971-72 to 1973-74. A review revealed that approximately 12,000 out of 1.61 lakh assessments had issues with short or non-levy of interest, amounting to Rs. 1.45 crores. The circular emphasizes the need for strict adherence to previous instructions to ensure interest is levied in all applicable cases and highlights the importance of proper documentation when interest is reduced or waived to avoid criticism.
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