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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Board's 1974 Guidance on Remedial Actions for Audit Objections Under Surtax Act Section 13; Use Sections 16, 25(2), 24(2) Instead.</h1> Instruction No. 719 issued by the Board on July 20, 1974, addresses issues concerning the initiation of remedial actions under Section 13 of the Surtax Act in response to audit objections. It highlights that such actions may not be upheld on appeal due to the arguable nature of the issues, potentially leading to revenue loss. The Board advises that when addressing audit objections, the provisions of Section 16 of the Surtax Act, Section 25(2) of the Wealth-tax Act, and Section 24(2) of the Gift-tax Act should be utilized, unless simpler procedures are applicable. Officers are instructed to adhere to these guidelines.
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