TMI BlogProcedure envisaged by s. 144A,144 B of .Income Tax Act. 1961.X X X X Extracts X X X X X X X X Extracts X X X X ..... d 144 B of the I.T.Act. 1961. 2. The various references received in this regard have been considered by the Board in consultation with the Ministry of Law. Section 153 lays down the time limit for completion of an assessment. But for the purposes of computing the period of limitation the period commencing from the date on which the ITO forwards the draft order under sub-section (1) of section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te in a case where the ITO has forwarded a draft assessment order for the year 1975-76 to the assessee on 10th March, 1978 and the assessee has objected to the variations, within the stipulated time he is required to forward these to the IAC u/s.144B(4). If the ITO receives the directions u/s.144B(4) from the IAC on 6th August 1978 he has to finalise the assessment on or before 27th August 1978 i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing into account the period referred to in clause (iv) of explanation I to the said section. It means that a fresh draft order cannot be forwarded after the expiry of the normal time limit for completion of assessment. The time limit of 30/upto 180 days will count from the last of the draft assessment orders forwarded to the assessee by the ITO. The IAC can issue directions u/s.144A during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... expired and thereafter refer the matter again to the IAC u/s.144B(4). The Board has been advised that if the IAC finds that the amount of income proposed to be added by the ITO and objected to by the assessee needs enhancement he cannot issue directions for such enhancement in a reference u/s.144B(4). He can however issue directions u/s.144A and the procedure stated in here above has to be follo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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