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New section 133C of the Income-tax Act, 1961 – an analysis

Income Tax - Direct Tax Code - DTC - By: - CA DEV KUMAR KOTHARI - Dated:- 13-11-2015 - Section 133C was Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014. It reads as follows (Highlights added) Power to call for information .....

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ied therein, to furnish information or documents verified in the manner specified therein, which may be useful for, or relevant to, any inquiry or proceeding under this Act. Explanation.-In this section, the term proceeding shall have the meaning ass .....

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tion 133C shall be the Principal Director General or Director General or Principal Director or Director as the case may be. Explanation.- For the purposes of this rule Principal Director General or Director General or Principal Director or Director m .....

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he purposes of section 133C.] Observations on section and rule are as follows: On reading of S. 133C and Rule 12D, as reproduced above, meaning og prescribed authority is sure , certain and exhaustive .As per this meaning the following authorities ca .....

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ibed authority for the purposes of section 133C. Therefore any such authority must be specifically authorised by CBDT to act as prescribed authority for the purposes of S. 133C. Without such specific authorisation an officer though holding office of .....

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e purpose of S. 133C . In practice we find that some AO have issued notices u/s 133C, to assessee for verification of information in his possession. Author feel that that is not within scope of the AO. Effective date: Section 133C was inserted w.e.f. .....

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we find that notices have been issued u/s 133C for verification of information relating to earlier years. This seems not proper. The information based on which enquiry can be made must be|: which come into possession of prescribed authority on or aft .....

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us year or assessment year, therefore, general rule that a provision which exist on the 1st day of previous year will be applicable to assessee and authorities.This is because the public must also know beforehand, as to what is law, what arerights, a .....

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