Amendment of section 295.
122. In section 295 of the Income-tax Act, in sub-section (2),–
(i) in clause (eec), after the word “audit”, the words “or inventory valuation” shall be inserted;
(ii) in clause (mm), for the words and brackets “the Commissioner (Appeals)”, the words and brackets “the Joint Commissioner (Appeals) or the Commissioner (Appeals)” shall be substituted.
Notes on Clauses:
Clause 122 of the Bill seeks to amend section 295 of the Income-tax Act relating to power to make rules.
It is proposed to amend clause (eec) of sub-section (2) of the said section so as to include the words “or inventory valuation” after the word “audit”.
It is further proposed to consequentially amend the clause (mm) of sub-section (2) of said section to substitute the expression “the Commissioner (Appeals)” with “the Joint Commissioner (Appeals) or the Commissioner (Appeals)”.
This amendment will take effect from 1st April, 2023.
