TaxTMI 
TaxTMI 
TaxTMI 
Clarification in Board's Instruction-1072 dated 1-7-1977.
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....-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 "no account" cases. In regard to others, it has been decided th....
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....um 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 part III of the return of income. It does not include deductions under Chapter....
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....y 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 of the Scheme. Point No. 6 : In cases where earlier assessments were completed on an income....
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....e 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 income should be discouraged. It is reiterated that a partner's assessment should normally be completed after the asse....