646/CBDT. - Income Tax - 646/CBDT

INSTRUCTION NO . 646/CBDT Dated : January 10, 1974 Section(s) Referred: 143(3) of Income Tax Act Statute: Wealth Tax Act, 1957 In partial modification of Board's Instructions No. 614 dated 11th September, 1973 (issued from F.No. 328/105/72-W.T.) on the above subject, the Board have further decided that the Gift-tax Officers should personally recheck the tax calculations in all the cases where value of the total gift is Rs. 1 lakh or more. Similarly, the Assistant Controllers of Estate Duty should personally value of the estate is Rs. 2 lakhs or more. It has also been decided that the officers should recheck the tax calculations in respect of all the cases of Wealth-tax, Gift-tax and Estate Duty involving refunds exceeding Rs.5000/-. The position would thus be as under:- (1) The Wealth-tax Officers should personally recheck the tax calculations in all to cases where the not wealth exceeds Rs. 10 lakhs; (2) The Gift-tax Officers should personally recheck the tax calculations in all the cases where the taxable gift is Rs. 1 lakh or more; (3) The Assistant Controller of Estate Duty should personally recheck the tax calculations in all the cases where the principal value of the estate is Rs. 2 lakhs or more; (4) In respect of cases where the tax calculations result in refunds, the Assistant Controller of Estate Duty, Wealth-tax Officer and Gift-tax Officer should personally recheck the calculations where the refunds due exceed a sum of Rs.5000/-. 2. The above instructions may please be brought to officers working in your charge.