Foreign asset valuation must be reviewed and corrected for currency devaluations, with reporting of assessment adjustments.

The Board directs an immediate review of completed wealth-tax assessments from 1967-68 onward for assessees with foreign assets to correct failures in revaluing assets after currency devaluations. Assessments must be re-examined to detect under- or over-assessments, quantify revenue impact, and report detected cases and actions taken to the Board by the prescribed deadline. Assessing officers must apply official exchange rates and reflect devaluation or revaluation of foreign currencies in pending assessments.

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