Approval Needed for High-Tax Revisions: Income, Wealth, or Gift Tax Over Rs 1 Lakh Require Inspector's Consent.

The circular instructs that when revisions of income tax, wealth tax, or gift tax assessments following appellate orders result in tax effects exceeding one lakh rupees, prior approval from the Inspecting Assistant Commissioner is required. This directive aims to prevent irregularities by ensuring oversight. The instructions apply to both income tax officers and wealth-tax/gift-tax officers, emphasizing the need for verification of orders during inspections. The circular references previous Board instructions from 1964, highlighting the continuity and reinforcement of these procedural requirements for tax assessments.

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