TMI BlogInsertion of new section 144 BA- Reference to Commissioner in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... h period, not exceeding sixty days, as may be specified in the notice. (3) If the assessee does not furnish any objection to the notice within the time specified in the notice issued under sub-section (2), the Commissioner shall issue such directions as he deems fit in respect of declaration of the arrangement to be an impermissible avoidance arrangement. (4) In case the assessee objects to the proposed action, and the Commissioner after hearing the assessee in the matter is not satisfied by the explanation of the assessee, then, he shall make a reference in the matter to the Approving Panel for the purpose of declaration of the arrangement as an impermissible avoidance arrangement. (5) If the Commissioner is satisfied, after having heard the assessee that the provisions of Chapter X-A are not to be invoked, he shall by an order in writing, communicate the same to the Assessing Officer with a copy to the assessee. (6) The Approving Panel, on receipt of a reference from the Commissioner under sub-section (4),shall issue such directions, as it deems fit, in respect of the declaration of the arrangement as an impermis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces have been determined in the order under the provisions of Chapter X-A. (13) The Approving Panel shall issue directions under sub-section (6) within a period of six months from the end of the month in which the reference under sub-section (4) was received. (14) The directions issued by the Approving Panel under sub-section (6) shall be binding on (i) the assessee; and (ii) the Commissioner and the income-tax authorities subordinate to him, and notwithstanding anything contained in any other provision of the Act, no appeal under the Act shall lie against such directions. (15) The Central Government shall, for the purposes of this section, constitute one or more Approving Panels as may be necessary and each panel shall consist of three members including a Chairperson. (16) The Chairperson of the Approving Panel shall be a person who is or has been a judge of a High Court, and (i) one member shall be a member of Indian Revenue Service not below the rank of Chief Commissioner of Income-tax; and (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt or reassessment proceedings considers it necessary to invoke provisions of the newly inserted Chapter X-A, shall refer the matter to the Commissioner. The proposed sub-section (2) of the aforesaid new section provides that if the Commissioner, on receipt of a reference from the Assessing Officer, is of the opinion that the provisions of newly inserted Chapter X-A are required to be invoked, he shall issue notice to the assessee seeking objections within the time specified in notice not exceeding sixty days. The proposed sub-section (3) of the aforesaid new section provides that if the assessee does not object or respond to the notice, the Commissioner may issue such directions as he deems fit in respect of declaration of the arrangement as an impermissible avoidance arrangement. The proposed sub-section (4) of the aforesaid new section provides that if the assessee objects to invocation of the provisions of Chapter X-A and the Commissioner, after hearing the assessee, is not satisfied with the reply of the assessee, he shall refer the matter to the Approving Panel. The proposed sub-section (5) of the aforesaid new section provides that if, after hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue directions within a period of six months from the end of the month in which the reference is received by it. The proposed sub-section (14) of the aforesaid new section provides that the directions, issued by the Approving Panel shall be binding on the assessee and the Commissioner and no appeal under the Act shall lie against such directions. The proposed sub-section (15) of the aforesaid new section provides that the Central Government shall constitute one or more Approving Panels as may be necessary and each Approving Panel shall consist of a Chairperson and two members. The proposed sub-section (16) of the aforesaid new section provides that the Chairperson of the Approving Panel shall be a person who is or has been a judge of a High Court and one member shall be a member of Indian Revenue Service not below the rank of Chief Commissioner of Income-tax and one member shall be an academic or scholar having special knowledge of matters such as direct taxes, business accounts and international trade practices. The proposed sub-section (17) of the aforesaid new section provides that the term of the Approving Panel shall ordinarily be for one year an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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