Prior approval for significant assessment revisions required before giving effect to appellate orders in income, wealth and gift taxation. Revision of assessments following appellate orders that reduce tax liability or decrease net wealth/amount of gift beyond a prescribed monetary limit must not be given effect to without the prior approval of the Inspecting Assistant Commissioner; this requirement applies to income-tax, wealth-tax and gift-tax cases and is to be enforced through inspections and supervisory verification to prevent recurring irregularities.
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.
Prior approval for significant assessment revisions required before giving effect to appellate orders in income, wealth and gift taxation.
Revision of assessments following appellate orders that reduce tax liability or decrease net wealth/amount of gift beyond a prescribed monetary limit must not be given effect to without the prior approval of the Inspecting Assistant Commissioner; this requirement applies to income-tax, wealth-tax and gift-tax cases and is to be enforced through inspections and supervisory verification to prevent recurring irregularities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
