Section 147

Income escaping assessment

Piecemeal assessments to be avoided - ITOs should not make any piecemeal assessments or make any observations in the course of assessment proceedings that some assessable income, the existence of which is in their knowledge, will be subject to assessment subsequently under section 147. In particular, the assessment of a partner of a firm should not be made without including the share income, or an observation made that it would be included later on.—Circular : F. No. 45A/180/52-IT, dated 6-12-1955.