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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Circular: Tax Revisions Over Rs. 1 Lakh Require Approval from Inspecting Assistant Commissioner for Income Tax and Estate Duty Cases.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) addresses the need for oversight in cases where revisions of assessments following appellate orders result in tax effects exceeding one lakh rupees. It mandates that Income-tax Officers must obtain prior approval from the Inspecting Assistant Commissioner in such scenarios. Similarly, in Estate Duty cases, the Deputy Controller is instructed to verify orders by the Assistant Controller that involve reductions exceeding one lakh rupees. Prior approval from the Deputy Controller is also required before implementing appellate orders that result in significant Estate Duty changes.
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