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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Circular Highlights Revenue Loss Risk in Previous Year Changes u/s 3(4) of Income Tax Act, 1961.</h1> The circular from the Central Board of Direct Taxes (CBDT) addresses the issue of revenue loss due to changes in the previous year allowed under Section 3(4) of the Income Tax Act, 1961. A specific case highlighted involved a change from a financial year to a calendar year, extending the previous year to 21 months, which led to no assessment year for 1974-75 and a loss under the Wealth Tax Act, 1957. The board emphasizes the need to consider potential revenue loss under the Wealth Tax Act before permitting such changes and instructs officers to be informed of these guidelines.
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