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of <h1>Finance Act 1988 Amends Gift-tax Act Section 35: New Prosecution Sanction Rules and Offense Compounding Guidelines.</h1> Section 35 of the Gift-tax Act has been amended by the Finance Act, 1988, effective April 1, 1989. The amendment replaces sub-sections (3) and (4). Sub-section (3) stipulates that prosecution for an offense under this Act requires prior sanction from the Chief Commissioner, Director General, or Commissioner, except when initiated by the Commissioner (Appeals). Sub-section (4) allows for the compounding of offenses either before or after proceedings by the Board, Chief Commissioner, or Director General if prosecution is by the Commissioner (Appeals), or by the Chief Commissioner, Director General, or Commissioner in other cases.
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