TMI BlogClarification in Board's Instruction-1072 dated 1-7-1977.X X X X Extracts X X X X X X X X Extracts X X X X ..... 77 (F.No. 237/16/76-A PAC-II). the requisite clarifications are given below: Point No. 1: What is the scope of the expression "fresh investment" appearing in item(x) of paragraph 4 of Instruction No. 1072? Does it include cash credits appearing in the balance-sheet? Clarification : Item (x) of paragraph 4 of Instruction NO. 1072 would be applicable only to "no account" cases. In regard to ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the Scheme applies to the sum total of the taxable income and ' exempted income' declared in the return. Does the term 'exempted Income' include deductions claimed under Chapter VI-A of the Income-tax Act? Clarification : 'Exempted Income' referred to in para 3 of the Instruction is the income claimed by the assessee as not-taxable and shown in part III of the return of income. It does ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment be completed under the Summary Assessment Scheme? Clarification : No. Such an assessment cannot be completed under the Summary Assessment Scheme because the assessee is required to add back inadmissible items like donations, etc., while computing the assessable income and if he had done so, his case would have gone out of the ambit of the Scheme. Point No. 6 : In cases where ea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the ambit of the Scheme. Point No. 8 Can the assessment of the partners of the firms be made under the Summary Assessment Scheme by taking their share income provisionally? Clarification : Vide Board's Instruction No.1129, it has been categorically stated that the completion of partner's assessments by adopting the share income should be discouraged. It is reiterated that a partner's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d soon after the receipt of the share income. 2. Consequent upon the clarifications given above, the following amendments may be made in the check-sheet given as Annexure I to Board's Instruction No. 1072 dated 1-7-1977:- Part II-Item 3- Instead of the words "documents accompanying the return indicate fresh investment of Rs. 25,000 or more". Substitute 'In no account' cases documents accom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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