Amendment of section 245MA.
67. In section 245MA of the Income-tax Act, after subsection (2), the following sub-section shall be inserted, namely:––
“(2A) Notwithstanding anything contained in section 144C, upon receipt of the order of the Dispute Resolution Committee under this section, the Assessing Officer shall,––
(a) in a case where the specified order is a draft of the proposed order of assessment under sub-section (1) of section 144C, pass an order of assessment, reassessment or recomputation; or
(b) in any other case, modify the order of assessment, reassessment or recomputation,
in conformity with the directions contained in the order of the Dispute Resolution Committee within a period of one month from the end of the month in which such order is received.”.
Notes on Clauses:
Clause 67 seeks to amend section 245MA of the Income-tax Act relating to Dispute Resolution Committee.
The said section, inter alia, provides that the Central Government shall constitute one or more Dispute Resolution Committees, for specified persons who may opt for dispute resolution under the said section and who fulfil specified conditions mentioned in the said section.
It is proposed to insert a new sub-section (2A) in the said section to provide that notwithstanding anything contained in section 144C, upon receipt of order of the Dispute Resolution Committee, the Assessing Officer shall in a case where the specified order is a draft of the proposed order of assessment under sub-section (1) of section 144C, pass an order of assessment, reassessment or recomputation or in any other case, modify the order of assessment, reassessment or recomputation, which shall be passed in conformity with the directions contained in such order of the Dispute Resolution Committee, within a period of one month from the end of the month in which such order is received.
This amendment will take effect from 1st April, 2022.
