Spread over of income.

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....6/15/65-IT(INV) dated 16th March 1965. Hitherto the boards instructions were that ordinarily the concealed income should be taxed in the year in which it appears in the account books but it may be spread over if there is reason to believe that it was earned in earlier years. Such a spread over of income should not however ordinarily be for more than 4 years. In cases where there is sufficient mate....

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....his reason that it has been provided in the earlier circulars that if a spread over beyond 8 years was contemplated, the boards approval should be obtained. The kind of cases the board had in view where spread over could be granted beyond 8 years were as under:- i) In cases where there was sufficient material to show that income was earned beyond the 8 years period; and ii) There could be cases ....