Amendment of section 131.
49. In section 131 of the Income-tax Act, in sub-section (1), for the words "and Chief Commissioner or Commissioner", the words ", Chief Commissioner or Commissioner and the Dispute Resolution Panel referred to in clause (a) of sub-section (15) of section 144C" shall be substituted with effect from the 1st day of October, 2009.
Notes on Clauses:
Clause 49 of the Bill seeks to amend section 131 of the Incometax Act which relates to power regarding discovery, production of evidence, etc.
Vide clause 55 of the Bill proposes to insert new section 144C in the Income-tax Act so as to provide that the assessee shall file his objections among others to the Dispute Resolution Panel against the draft of the proposed order of assessment of Assessing Officer.
It is, therefore, proposed to amend sub-section (1) of section 131 so as to provide that Dispute Resolution Panel refered to in clause (a) of sub-section (15) of section 144C shall have the same power as are vested in a court under the Code of Civil Procedure, 1908. The proposed amendment is consequential in nature.
This amendment will take effect from 1st October, 2009.
