Procedure for selection of corporate cases for scrutiy.

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....ntrolling Chief Commissioner of Income Tax Subject : Procedure for Selection of cases for "Scrutiny" for Corporate and Non-Corporate Assessees. Sir/Madam, The Guidelines for selection of cases for scrutiny in respect of Corporate and Non-Corporate assessee are enclosed herewith. The Guidelines will be applicable for all the returns filed during the period 1.10.2003 to 31.3.2005. 2. The....

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....ion of earlier Instructions on the above subject, the Board hereby lays down the following procedure for selection of returns/cases of Corporate Assessees for Scrutiny during the current financial year i.e., 2004-05. 2. The following categories of cases shall be compulsorily scrutinized : (a) All assessments pertaining to Search & Seizure. (b) All assessments pertaining to survey conducte....

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.... on 31.08.2004 listed on Bombay Stock Exchange. (h) All cases of companies liable to pay tax under Section 115 B with book profit exceeding Rs. 50 lakh. (i) All cases where income exceeding Rs. 10 lakhs has been claimed as exempt. (j) Cases where value of International Transaction (as defined u/s. 92B of the I.T. Act) exceeds Rs. 5 crores. (k) All cases of non-residents where returns h....

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....t income declared is less than 5% of gross contract receipts. 3. Cases not falling in the above categories and where the Assessing Officer is of the opinion that scrutiny is required for specific reasons, viz. cases of builders/contractors following project completion method to declare their income cases where there is prima facie evidence of dividend/bonus stripping etc. may be selected for sc....