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of <h1>Clarification on Rectifying Wealth and Gift Tax Errors Based on Supreme Court Interpretations u/s 35/154.</h1> The circular clarifies that mistakes in wealth-tax and gift-tax assessments, which arise due to subsequent interpretations of law by the Supreme Court, can be considered 'mistakes apparent from the record.' This allows for rectification under section 35/154 of the Income-tax Act, 1922/1961. The instructions from the previous circular issued on November 17, 1971, are applicable to section 35 of the Wealth-tax Act, 1957, and section 34 of the Gift-tax Act, 1958, thereby permitting similar rectificatory actions in these cases.
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