Board's Instruction No.768 dated 8th October 1974. - Income Tax - 1178/CBDT

INSTRUCTION NO. 1178/CBDT Dated : May 20, 1978 Section(s) Referred: 18(2A) Statute: Wealth Tax Act, 1957 Reference is invited to the Board's Instruction No.768 dated 8th October 1974 (F.No.321/24/73-WY) whereby it was brought to your notice inter-alia that the Allahabad High court in the case of M/s.Kundanlal Biharilal,(98 ITR 359) Chandausi vs. Commissioner of Wealth tax had held that the word ISSUE occuring in sec.18(2A) of the Wealth-tax Act had not accepted the said decision. On going through the Supreme Court judgement (99 ITR 581) the board are of the view that the said judgement of the High court should have been accepted. The said instruction No.768 therefore is hereby withdrawn. 2. It may be mentioned incidentally that contents of para 1 above are independent of and do not in any case effect the clarifications contained in Board's letter F.No.1/33/68-IT(Inv) dated the 29th September 1969 [as amended by the Board's letter F.No.281/26/74-IT(Inv) (Instruction NO.822) dated 13th January 1975).