Wealth-tax and gift-tax assessments-Mistakes apparent from record--Whether can be treated as such on the basis of decisions of Supreme Court-Clarification regarding
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Mistake apparent from record: subsequent legal interpretation may permit rectification of wealth tax and gift tax assessments. The Board's instruction that a subsequent authoritative judicial interpretation constituting a mistake apparent from the record permits rectification under income-tax provisions applies mutatis mutandis to the Wealth-tax Act and the Gift-tax Act, allowing rectificatory action under the respective statutory sections where a later interpretation shows an apparent mistake.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mistake apparent from record: subsequent legal interpretation may permit rectification of wealth tax and gift tax assessments.
The Board's instruction that a subsequent authoritative judicial interpretation constituting a mistake apparent from the record permits rectification under income-tax provisions applies mutatis mutandis to the Wealth-tax Act and the Gift-tax Act, allowing rectificatory action under the respective statutory sections where a later interpretation shows an apparent mistake.
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