Amendment of section 144C
36. In section 144C of the Income-tax Act,—
(a) sub-section (14A) shall be omitted;
(b) after sub-section (14), the following sub-section shall be inserted with effect from the 1st day of April, 2016, namely:-
“(14A) The provisions of this section shall not apply to any assessment or reassessment order passed by the Assessing Officer with the prior approval of the Commissioner as provided in subsection (12) of section 144BA.”.
Notes on Clauses:
Clause 36 of the Bill seeks to amend section 144C of the Income-tax Act relating to reference to dispute resolution panel. It is proposed to omit sub-section (14A) of the said section.
This amendment will take effect retrospectively from 1st April, 2013.
It is proposed to insert a new sub-section (14A) in the aforesaid section 144C so as to provide that the provisions of section 144C shall not apply to an assessment or reassessment order passed by the Assessing Officer with the approval of the Commissioner in accordance with sub-section (12) of newly inserted section 144BA.
This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to assessment year 2016-2017 and subsequent assessment years.
