Clarification in Board's Instruction-1072 dated 1-7-1977.

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.... Instruction* 1072 dated 1-7-1977 (F.No. 237/16/76-A&PAC-II). the requisite clarifications are given below: Point No. 1: What is the scope of the expression "fresh investment" appearing in item(x) of paragraph 4 of Instruction No. 1072? Does it include cash credits appearing in the balance-sheet? Clarification : Item (x) of paragraph 4 of Instruction NO. 1072 would be applicable only to "....

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.... 3 of Board's Instruction No. 1072 states that the Scheme applies to the sum total of the taxable income and ' exempted income' declared in the return. Does the term 'exempted Income' include deductions claimed under Chapter VI-A of the Income-tax Act? Clarification : 'Exempted Income' referred to in para 3 of the Instruction is the income claimed by the assessee as not-taxable and shown in ....

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....ncome exceeds the prescribed limit. Can such an assessment be completed under the Summary Assessment Scheme? Clarification : No. Such an assessment cannot be completed under the Summary Assessment Scheme because the assessee is required to add back inadmissible items like donations, etc., while computing the assessable income and if he had done so, his case would have gone out of the ambit o....

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....s taken up, the case should not on that score be excluded from the ambit of the Scheme. Point No. 8 Can the assessment of the partners of the firms be made under the Summary Assessment Scheme by taking their share income provisionally? Clarification : Vide Board's Instruction No.1129, it has been categorically stated that the completion of partner's assessments by adopting the share in....