Change of previous year risks wealth tax escapement; officers must condition or refuse changes to protect revenue. Change of previous year must be scrutinised to prevent wealth-tax escapement because the valuation date for wealth is linked to the previous year; officers may impose conditions or refuse consent if terms do not safeguard revenue, must compare rates and deductions between original and proposed years, treat returns showing changed previous year as applications, and invoke revision powers where change causes loss of revenue.
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 of previous year risks wealth tax escapement; officers must condition or refuse changes to protect revenue.
Change of previous year must be scrutinised to prevent wealth-tax escapement because the valuation date for wealth is linked to the previous year; officers may impose conditions or refuse consent if terms do not safeguard revenue, must compare rates and deductions between original and proposed years, treat returns showing changed previous year as applications, and invoke revision powers where change causes loss of revenue.
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