Amendment of section 133C.
64. Section 133C of the Income-tax Act shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted with effect from the 1st day of June, 2016, namely:-
“(2) Where any information or document has been received in response to a notice issued under sub-section (1), the prescribed income-tax authority may process such information or document and make available the outcome of such processing to the Assessing Officer.”.
Notes on Clauses:
Clause 64 of the Bill seeks to amend section 133C of the Incometax Act relating to power to call for information by prescribed income tax authority.
The existing provisions of the said section empowers the prescribed income-tax authority to issue notices calling for information and documents for the purpose of verification of information in its possession.
It is proposed to amend the said section so as to further provide that the information and documents so obtained by the prescribed income-tax authority may be processed and the outcome of such processing may be made available to the Assessing Officer for further necessary action, if any.
This amendment will take effect from 1st June, 2016.
