Assessing officers should be alerted deciding matters under one direct tax law .

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..... DOMS, dated 15.11.1973 in which it was impressed upon the Income-tax Officers that at the time of deciding matters under one direct tax law the information contained in the records pertaining to the other direct taxes should invariably be correlated and made use of. In spite of the issue of these instructions, the Audit have brought to the notice of the Board, many instances where there has been f .....

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..... (iii) Over-stating the market value of the property as on 1.1.54/1.1.64 by the assesses for the purposes of computation of capital gains. From the market value of the property as returned/assessed in the corresponding wealth-tax assessments or from other date available, it is sometimes apparent that the assesses has over-stated the market value of the property as on 1.1.54/1.1.64 while adopting .....

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..... the legal heirs. However, in many cases, this is not done resulting in escapement of estate duty. 3. The instances, quoted above, are only illustrative and not exhaustive. It, is therefore, requested that the assessing officers should be alerted once again to bear in mind such glaring mistakes and avoid the same in future. - Circular - Trade Notice - Public Notice - Instructions - Office orde .....

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