Cross-checking direct tax records identifies unassessed wealth and related liabilities across income, wealth, gift, and estate duties. Assessing officers must correlate information across direct tax records when deciding matters under any direct tax law to ensure related liabilities in income-tax, wealth-tax, gift-tax and estate duty are identified and actioned. Failures include unexamined transfers implicating capital gains and deemed gifts, income-tax indications of assessable wealth not followed up for wealth-tax, unverified market values for capital gains, omission of trust life interests from wealth-tax, and non-reporting of deaths to estate-duty authorities; officers are directed to avoid such lapses.
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.
Cross-checking direct tax records identifies unassessed wealth and related liabilities across income, wealth, gift, and estate duties.
Assessing officers must correlate information across direct tax records when deciding matters under any direct tax law to ensure related liabilities in income-tax, wealth-tax, gift-tax and estate duty are identified and actioned. Failures include unexamined transfers implicating capital gains and deemed gifts, income-tax indications of assessable wealth not followed up for wealth-tax, unverified market values for capital gains, omission of trust life interests from wealth-tax, and non-reporting of deaths to estate-duty authorities; officers are directed to avoid such lapses.
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