Levy of interest: income-tax interest rules to be applied mutatis mutandis to wealth-tax and gift-tax interest assessments. The Board directs that the procedural approach and criteria for levy of interest under Section 220(2) of the Income-tax Act shall apply mutatis mutandis to levy of interest under the corresponding provisions of the Wealth-tax and Gift-tax laws, aligning administrative practice on interest assessment across these statutes and requiring dissemination to officers.
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Levy of interest: income-tax interest rules to be applied mutatis mutandis to wealth-tax and gift-tax interest assessments.
The Board directs that the procedural approach and criteria for levy of interest under Section 220(2) of the Income-tax Act shall apply mutatis mutandis to levy of interest under the corresponding provisions of the Wealth-tax and Gift-tax laws, aligning administrative practice on interest assessment across these statutes and requiring dissemination to officers.
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