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of <h1>CBDT Instructs Tax Officers on Rule 1D Interpretation Following Allahabad High Court Ruling on Tribunal Powers.</h1> The Central Board of Direct Taxes (CBDT) issued instructions to tax officers regarding the interpretation of Rule 1D of the Wealth Tax Rules, 1957, following a decision by the Allahabad High Court in the case of Commissioner of Wealth-tax vs. Sripat Singhania. The High Court ruled that the Tribunal's powers under Section 24 are equivalent to those of the Wealth-tax Officer under Section 7(1), and the phrase 'as it thinks fit' does not diminish the binding effect of Rule 1D. Officers are instructed to consider this decision in their assessments and representations before the Income-tax Appellate Tribunal.
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