Wealth-tax and gift-tax assessments-Mistakes apparent from record--Whether can be treated as such on the basis of decisions of Supreme Court-Clarification regarding - Income Tax - 1036/1977

Wealth-tax and gift-tax assessments-Mistakes apparent from record--Whether can be treated as such on the basis of decisions of Supreme Court-Clarification regarding Circular No. 1036/1977 Dated 24/1/1977 Sub: Wealth-tax and gift-tax assessments-Mistakes apparent from record--Whether can be treated as such on the basis of decisions of Supreme Court-Clarification regarding. Attention is invited to Board's Circular No.68 (F.No.245/17/71-A PAC)* dated November 17, 1971, wherein it has been stated, inter alia, that a mistake arising as a result of subsequent interpretation of law by the Supreme Court would constitute a "mistake apparent from the record" and rectificatory action under section 35/154 of the Income-tax Act, 1922/1961, would be in order. 2. It is hereby clarified that the instructions contained in the above mentioned circular will also apply mutatis mutandis for the purposes of section 35 of the Wealth-tax Act, 1957, and section 34 of the Gift-tax Act, 1958. * See [1972] 83 ITR (St.) 6.