CBDT Urges Timely Reporting of Assessee Deaths to Avoid Estate Duty Delays and Revenue Losses u/s 73A.
The circular issued by the Central Board of Direct Taxes (CBDT) emphasizes the importance of promptly informing the Assistant Controller of Estate Duty upon the death of an assessee. It highlights that previous instructions were not consistently followed, leading to revenue losses due to delayed estate duty proceedings. The Board insists that Income Tax Officers and Wealth Tax Officers adhere strictly to these instructions and face consequences for lapses. Additionally, it stresses the need to appeal cases where assessments are canceled due to being barred by the statute of limitations under Section 73A of the Estate Duty Act, 1953, to prevent further revenue loss.
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