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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Approval Needed for Major Wealth-tax and Gift-tax Revisions Exceeding Rs. 25,000 per Instruction No. 513.</h1> Instruction No. 513, dated February 23, 1973, modifies previous guidelines regarding the revision of Wealth-tax and Gift-tax assessments. When appellate orders lead to a change in tax assessments exceeding Rs. 25,000, either as a reduction or enhancement, Wealth-tax Officers and Gift-tax Officers must obtain prior approval from the Inspecting Assistant Commissioner before issuing revision orders. This directive amends the earlier Instruction No. 391 from March 13, 1972, and emphasizes the need for oversight in significant tax assessment revisions.
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