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of <h1>Gift-Tax Act Amendment: New Assessment Procedures for Tax Returns, Adjustments, and Property Valuations Under Section 15</h1> The amendment replaces section 15 of the Gift-tax Act with new assessment procedures. It establishes a framework for processing tax returns, including provisions for intimation of tax due or refunds, with automatic adjustments for arithmetic errors and prima facie admissible/inadmissible deductions. The new section outlines assessment procedures, including time limits for notices, hearing requirements, and procedures for cases where taxpayers fail to file returns or comply with notices. It empowers Assessing Officers to refer property valuations to Valuation Officers when the declared value appears inadequate, with cross-references to relevant provisions of the Wealth-tax Act for valuation procedures.
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