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Regarding suo moto initiation of rectificatory action.

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Full Text of the Document

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.... rectificatory action u/s 34 of the Gift Tax Act and 154 of the Income-tax Act, 1961 respectively would be in order:- (i) Instruction No. 274 dated 6-3-1971 issued from F.No. 329/5/71-GT. (2) Circular No. 68 dated 17-11-1971 issued from F.No. 245/17/71-A&PAC. 2. In both the above instruction/circular, it has been mentioned that such rectificatory action should be taken, if the application has b....