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of <h1>CBDT Issues Guidelines to Prevent Revenue Loss u/s 3(4) of Income-tax Act, 1961; Emphasizes Careful Scrutiny by ITOs.</h1> The circular addresses concerns regarding revenue loss due to changes in the previous year under Section 3(4) of the Income-tax Act, 1961. It highlights instances where changes allowed by Income-tax Officers (ITOs) have led to wealth tax assessment escapements, as noted by the Public Accounts Committee. The Central Board of Direct Taxes (CBDT) instructs ITOs to scrutinize such applications carefully to prevent revenue loss, emphasizing that conditions should be imposed to protect revenue interests. Guidelines are provided to ensure wealth tax assessments are not omitted, and ITOs are reminded to consider tax rates and exemptions when allowing changes. Additionally, any change noticed in returns without formal application should be treated as an application to avoid implied consent.
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