2006 (4) TMI 53

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....Oil Corporation Ltd. [2004] 267 ITR 272 to have that the circulars issued by the Central Board of Direct Taxes (CBDT) binding On the officers of the Income-tax Department. To the same effect is the decision of the Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889. 2 The respondent-assessee's return was in the instant case taken up for scrutiny in violation of the Central Board of Direct Taxes c....

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....xceeded the basic exemption limit; (b) the total income for the assessment year 1993-94 was Rs. 5 lakhs or less ; and (c) the tax was fully paid for the assessment year 1994-95 before the return was filed. 2. Suggestions have been received to extend this scheme for the assessment year 1995-96 also. After considering them, it has been decided that the above norm of exclusion from sample scrutiny....