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of <h1>1974 Directive: Review Share Classification as Fixed Assets Under Income Tax Act, 1961; Officers to Report by Oct 15.</h1> In a 1974 directive, the Board addressed the classification of shares held by a managing agency company in a managed company as 'fixed assets' under the Income Tax Act, 1961. It clarified that the asset's classification depends on the holder's business nature and the asset's role. The Board accepted the statutory audit's objection to this classification and instructed all Income Tax Officers to review cases involving Section 104 actions. Officers are to report the number of reviewed cases, identified mistakes, rectifications, and tax impacts by October 15, 1974. Acknowledgment of the directive's receipt is requested.
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