Estate Duty Act-Scope of Sec.58. - Income Tax - 1758/CBDT

INSTRUCTION NO. 1758/CBDT Dated: May 19, 1987 Reference is invited to Board's Instruction No.1658 dated 30.10.1985 on the above subject. The matter has been further considered and it has been decided that the following instructions may be followed: (i) Henceforth in all cases where the returned principal value does not exceed Rs.7.5 lakhs, the assessment should be completed u/s 58(1); (ii) In all cases of returned principal value not exceeding Rs.7.5 lakhs where notices u/s 58(2) have already been issued, the assessments may be completed u/s 58(3) in the manner as if they were assessments u/s 58(1); (iii) If for any special reasons the assessing officer is of the view that compliance to the instructions (i) and (ii) above in any particular case would be highly detrimental to revenue, he may with the prior approval of the Controller of Estate Duty proceed to complete the assessment in normal course; (iv) The instructions (i) and (ii) above would not be applicable to the cases falling u/s 58(4); (v) No penalty proceedings be initiated in the cases covered under summary assessment scheme as per Board's letter No.296/29/85-ED dated 14.1.86. 3. These instructions come into effect immediately and may please be communicated to all officers working in your charge and strict compliance thereto may be ensured so that the entire pendency of estate duty assessment work is wiped out within this financial year.