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of <h1>New Circular Clarifies Non-Simultaneous Application of Section 269C and Section 4(1)(a) to Avoid Tax Evasion.</h1> The circular discusses the applicability of Section 269C of the Income Tax Act, 1961, and Section 4(1)(a) of the Gift Tax Act, 1958. It clarifies that proceedings under these sections should not be initiated simultaneously in every case, as they are mutually exclusive. Section 269C deals with understated consideration in property transfers to evade tax, while Section 4(1)(a) addresses the difference between declared consideration and fair market value as a deemed gift. Both proceedings may be initiated in specific situations where evidence supports a discrepancy between declared and actual consideration. The circular withdraws a previous instruction from May 1984.
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