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Manual - Introduction - Income computation and disclosure standards (ICDS)
A circular or a press release merely clarifies the CBDT’s view relating to a particular provision of law. Such a circular therefore, merely interprets the law as it is viewed by the CBDT. CBDT circulars are binding only on tax officers, and not on assessees. Circular issued prior to the ICDS coming into force may no longer apply if the ICDS contain a contrary provision, as the subsequent ICDS would render the circular invalid for the period after the ICDS come into force. Similarly, in case of press releases issued prior to subsequent ICDS provisions, where the ICDS provisions provide for a contrary treatment, the subsequent ICDS provisions would prevail.
ICDS supremacy - where ICDS conflicts with CBDT circulars or press releases, the ICDS treatment prevails. Where ICDS provisions conflict with earlier CBDT circulars or press releases, the later ICDS provisions prevail for the period after they take effect; CBDT circulars and press releases are interpretative guidance binding on tax officers but not on taxpayers.
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