Amendment of section 255.
64. In section 255 of the Income-tax Act, in sub-section (3), with effect from the 1st day of June, 2015, for the words “five hundred thousand rupees”, the words “fifteen lakh rupees” shall be substituted.
Notes on Clauses:
Clause 64 of the Bill seeks to amend section 255 of the Income tax Act relating to the procedure of Appellate Tribunal.
The existing provision contained in sub-section (3) of section 255 of the Income-tax Act provides for constitution of a single member Bench and a Special Bench. It provides that the single member Bench may dispose of any case which pertains to an assessee whose total income as computed by the Assessing Officer does not exceed five hundred thousand rupees.
It is proposed to amend sub-section (3) of the said section so as to provide that a single member Bench may dispose of a case where the total income as computed by the Assessing Officer does not exceed fifteen lakh rupees.
This amendment will take effect from 1st June, 2015.
