Direction by Dispute Resolution Panel for assessment.
158. (1) The Dispute Resolution Panel may, in a case where any objection is received under sub-section (5) of section 155—
(a) call for and examine the record of any proceeding relating to the draft order;
(b) make such further inquiry, as it thinks fit; or
(c) cause any further inquiry to be made by any income-tax authority and report the result of the same to it.
(2) The Dispute Resolution Panel shall, in the case referred to in sub-section (1), issue such directions, as it thinks fit, for the guidance of the Assessing Officer to enable him to complete the assessment.
(3) The Dispute Resolution Panel shall issue the direction referred to in sub-section (2), after considering—
(a) the draft order;
(b) the objections filed by the eligible assessee;
(c) the evidence furnished by the eligible assessee;
(d) the report, if any, of the Assessing Officer, valuation officer or Transfer Pricing Officer or any other authority;
(e) the records relating to the draft order;
(f) the evidence collected by, or caused to be collected by, it; and
(g) the result of any inquiry made by, or caused to be made by, it.
(4) The Dispute Resolution Panel may confirm, reduce or enhance the variations proposed in the draft order.
(5) The Dispute Resolution Panel shall not set aside any proposed variation or issue any direction under sub-section (2) for further inquiry before passing of the assessment order.
(6) If the members of the Dispute Resolution Panel differ in opinion on any issue, then it shall be decided according to the opinion of the majority.
(7) The direction issued by the Dispute Resolution Panel shall be binding on the Assessing Officer.
(8) No direction under sub-section (2) shall be issued unless an opportunity of being heard is given to the eligible assessee or the Assessing Officer on such directions which are prejudicial to the interest of the assessee or the revenue, as the case may be.
(9) No direction under sub-section (2) shall be issued after a period of nine months from the end of the month in which the draft order is forwarded to the eligible assessee.
(10) The Board may make rules for the efficient functioning of the Dispute Resolution Panel and for the expeditious disposal of the objections filed under clause (b) of sub-section (5) of section 155 by the assessee.
(11) In this section, "eligible assessee" shall have the meaning as assigned to it in section 155.
