Framing of scrutiny assessments in cases of fish farmers involved in running inland fresh water fish tanks-regarding.

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....October, 2014 To All Pr. Chief-Commissioners of Income-tax/Chief-commissioners of Income-tax All Pr. Directors-General of Income-tax/Directors-General of Income-tax Sir/Madam Subject:- Framing of scrutiny assessments in cases of fish farmers involved in running inland fresh water fish tanks-regarding Representations have been received by the Board from various quarters regarding difficulties....

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....he different Assessing Officers. Likewise, in such cases, taxpayers estimate their income on basis of benchmarks prescribed in earlier circular of the Board in F.No.225/222/93/ITA.II dated 19.10.1993 which for the Assessment Year 1993-94, on 'per Acre water spread area' basis, prescribed a rate of ₹ 4,000/- as income from activity of fish culture in Andhra Pradesh. On the basis of this limit....

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....luding availability of water, lack of education and knowledge of accounting, etc.) being faced for proper administration of relevant provisions of the Income-tax Act, 1961 ('Act') to cases of fish farmers, Board is of the view that uniform and appropriate norms may be applied while computing income form fish culture on basis of 'per Acre of water spread area'. To ensure consistency in approach. a ....

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....ty of fish farming is being estimated on net basis after due consideration of allowable business expenses in such an estimation. 4. Further, section 133A of the Act may not be invoked indiscriminately for purposes of mere estimation of the income of fish farmers and may only be undertaken in those cases where the Department has credible and verifiable information about taxes being evaded by the p....