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of <h1>Clarification on Capital Gains Concessional Rates for 1968-69; Review Required u/s 80T by August 20, 1973.</h1> The circular addresses the incorrect application of concessional rates for capital gains during the assessment year 1968-69, as highlighted in the Comptroller and Auditor General's report for 1971-72. It clarifies that Section 114 of the Income-tax Act, 1961, which allowed rebates, was replaced by Section 80T effective from April 1, 1968, which provides deductions from capital gains. Officers are instructed to review completed cases for 1968-69, identify errors, and report remedial actions by August 20, 1973, as this issue will be discussed by the Public Accounts Committee.
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