Change in previous year may alter wealth tax valuation, so potential revenue impact must be checked before approval. An ITO's approval to change an assessee's previous year from the financial year to the calendar year extended the previous year and removed the valuation date for the subsequent assessment year, producing substantial loss of wealth tax revenue; the Board directs that officers must consider potential wealth tax revenue loss before allowing any change in the previous year and circulate this guidance to subordinate officers.
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.
Change in previous year may alter wealth tax valuation, so potential revenue impact must be checked before approval.
An ITO's approval to change an assessee's previous year from the financial year to the calendar year extended the previous year and removed the valuation date for the subsequent assessment year, producing substantial loss of wealth tax revenue; the Board directs that officers must consider potential wealth tax revenue loss before allowing any change in the previous year and circulate this guidance to subordinate officers.
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