Summary assessment.

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....nd instructions of the Board on the issues raised are set out below:- All cases except those following in the revised Annexure B to chairman's D.O.letter dated 23rd May, 1980 and cases coming u/s.44AA where no accounts are maintained will be cases for summary assessments. Reference is invited to letter F.No.17/1/80-OD-DO & MS dated 20-6-80 from Director, O & MS which mentions the type of compan....

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.... dated 23rd May 1980. ITOs should be very careful not to issue notices u/s.142(1)/ 143(2) without proper check that it is not a summary assessment case. IACs should also exercise a close check on this aspect frequently by looking into files. Once the returned income is above Rs.1 lakh it will be a scrutiny case for that year. IF a firm is assessed by the ITO, it is he who will make the assessme....