Assessment procedure introduced by section 144A and 144B of the Income tax Act 1961.

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....o.201/121/75-ITAII) outlining the new assessment procedure as introduced by section 144A and 144B of the Income tax Act 1961. A copy of Board's order of even number dated the 23rd December 1975 fixing the variation limit at Rs. 1 lakh for purposes of section 144B was also forwarded alongwith this Instruction. 2. A question has been raised where in completing the assessment of a firm under secti....

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....tember 1976 so that reasonable time is available for completing assessments of the partners after complying with the provisions of section 144B of the Act. You may kindly issue necessary instructions to the Income-tax Officers to adhere to this time limit scrupulously. The Inspecting Assistant Commissioners may take steps for completing the assessments of the firms for the assessment year 1974-75 ....