Scope of Gift-tax Officer clarified: Inspecting Assistant Commissioner orders treated as officer orders; revision effective from financial year end. Amendment clarifies that an order by a Gift-tax Officer includes orders by an Inspecting Assistant Commissioner exercising delegated Gift-tax powers; and it modifies the temporal effect of revision so that revisional adjustments operate from the end of the financial year in which the order sought to be revised was passed, replacing the prior reference to the order date.
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Scope of Gift-tax Officer clarified: Inspecting Assistant Commissioner orders treated as officer orders; revision effective from financial year end.
Amendment clarifies that an order by a Gift-tax Officer includes orders by an Inspecting Assistant Commissioner exercising delegated Gift-tax powers; and it modifies the temporal effect of revision so that revisional adjustments operate from the end of the financial year in which the order sought to be revised was passed, replacing the prior reference to the order date.
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