Amendment of section 153D
39. In section 153D of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2016, namely:––
“Provided that nothing contained in this section shall apply where the assessment or reassessment order, as the case may be, is required to be passed by the Assessing Officer with the prior approval of the Commissioner under sub-section (12) of section 144BA.”.
Notes on Clauses:
Clause 39 of the Bill seeks to amend section 153D of the Income-tax Act relating to prior approval for assessment in cases of search or requisition.
It is currently provided in the section that any order of an assessment or reassessment in cases where a search or requisition has been done would be passed by an Assessing Officer only with prior approval of the Joint Commissioner.
It is proposed to amend the said section 153D to provide that where the assessment or reassessment order, as the case may be, is required to be passed by the Assessing Officer with the prior approval of the Commissioner under sub-section (12) of section 144BA then the conditions of this section shall not apply.
This amendment will take effect from 1st April, 2016.
