Amendment of section 255.
95. In section 255 of the Income-tax Act, in sub-section (3), for the words “fifteen lakh rupees”, the words “fifty lakh rupees” shall be substituted with effect from the 1st day of June, 2016.
Notes on Clauses:
Clause 95 of the Bill seeks to amend section 255 of the Income-tax Act, relating to the procedure of Appellate Tribunal.
Sub-section (3) of the aforesaid section, inter alia, provides that a 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 fifteen lakh rupees.
It is proposed to amend the said sub-section (3) 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 fifty lakh rupees.
This amendment will take effect from 1st day of June, 2016.
