TMI BlogIncome-tax (17th Amendment) Rules, 2013.X X X X Extracts X X X X X X X X Extracts X X X X ..... Amendment) Rules, 2013. (2) They shall come into force on the 1st day of April, 2016. 2. In the Income-tax Rules, 1962 , (a) after rule 10T , the following rules shall be inserted, namely: - " DA. Application of General Anti Avoidance Rule Chapter X-A not to apply in certain cases 10U. (1) The provisions of Chapter X-A shall not apply to - (a) an arrangement where the tax benefit in the relevant assessment year arising, in aggregate, to all the parties to the arrangement does not exceed a sum of rupees three crore; (b) a Foreign Institutional Investor, (i) who is an assessee under the Act; (ii) who has not taken benefit of an agreement referred to in section 90 or section 90A as the case may be; a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia " shall have the same meaning as assigned to it in clause (a) of sub-section (1) of section 2 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); (iv) " tax benefit " as defined in clause (10) of section 102 and computed in accordance with Chapter X-A shall be with reference to- (a) sub-clauses (a) to (e) of the said clause , the amount of tax; and (b) sub-clause (f) of the said clause, the tax that would have been chargeable had the increase in loss referred to therein been the total income. Determination of consequences of impermissible avoidance arrangement. 10UA . For the purposes of sub-section (1) of section 98 , where a part of an arrangement is declared to be an impermissible avoidance arrange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (2) of section 144BA, he shall issue directions to the Assessing Officer in Form No. 3CEH. (5) Before a reference is made by the Commissioner to the Approving Panel under sub-section (4) of section 144BA , he shall record his satisfaction regarding the applicability of the provisions of Chapter X-A in Form No. 3CEI and enclose the same with the reference. Time limits. 10UC. (1)For the purposes of section 144BA , (i) no directions under sub-section (3) of section 144BA shall be issued by the Commissioner after the expiry of one month from the end of the month in which the date of compliance of the notice issued under sub-section (2) of section 144BA falls; (ii) no reference shall be made by the Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ix of the arrangement entered into by the assessee including details of other parties. 7 Details of tax benefit (assessment year wise) arising under the arrangement: - (i) to the assessee (ii) to all parties to the arrangement 8 Brief facts in respect of computation of tax benefit 9 Whether obtaining the tax benefit is the main purpose of the arrangement or part of the arrangement? 10 Whether notice under sub-rule (1) of rule 10UB has been served on the assessee , if yes date of service of the notice . 11 Summary of the reply of the assessee in response to the notice. 12 Indicate whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 Date of receipt of reference in Form No. 3CEG from the Assessing Officer. 7 The basis of finding that Chapter X-A is not applicable for assessment year (s). Date: Name Designation of Commissioner Place: 1. Assessing Officer 2. Assessee FORM NO.3CEI [ See sub-rule (5) of rule 10UB] Form for recording the satisfaction by the Commissioner before making a reference to the Approving Panel under sub-section (4) of section 144BA 1 Name and address of the assessee 2 PAN 3 Status ( Individual/ Company etc) 4 Residential status 5 Assessment year(s) in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce or is deemed to lack commercial substance under section 97 , in whole or in part; or (d) is entered into, or carried out, by means, or in manner, which are not ordinarily employed for bonafide purposes. 14 Has the assessee been given an opportunity of being heard with regard to the findings given in columns 11, 12 and 13 ? If yes, provide the gist of the reply furnished by the assessee. 15 Detailed reasons for being satisfied that the arrangement is an impermissible avoidance arrangement. 16 Consequences in relation to tax likely to arise if arrangement is declared as an impermissible avoidance arrangement. 17 The last date for completion o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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