Clause 282 - Repeals and savings - Direct Taxes Code Bill, 2009

Repeals and savings. 282. (1) The Income-tax Act, 1961, is hereby repealed. (2) Regardless of the repeal of the Income-tax Act, 1961 (hereinafter referred to as the repealed Act),— (a) where a return of income has been filed before the commencement of this Code by any person for any assessment year, proceedings for the assessment of that person for that year may be taken and continued as if this Code had not been enacted; (b) where a return of income is filed after the commencement of this Code, otherwise than in pursuance of a notice under section 148 of the repealed Act, by any person for the assessment year ending on the 31st day of March, 2011, or any earlier year, the assessment of that person for that year shall be made in accordance with the procedure specified in this Code; (c) any proceeding pending on the commencement of this Code before any income-tax authority, the Appellate Tribunal or any court, by way of appeal, reference, or revision, shall be continued and disposed of as if this Code had not been enacted; (d) where in respect of any assessment year after the year ending on the 31st day of March, 2000,— (i) a notice under section 148 of the repealed Act had been issued before the commencement of this Code, the proceedings in pursuance of the notice may be continued and disposed of as if this Code had not been enacted; (ii) any income liable to tax has escaped assessment within the meaning of that expression in section 166 and no proceedings under section 147 of the repealed Act in respect of any such income are pending at the commencement of this Code, a notice under section 166 may be issued with respect to that financial year and all the provisions of this Code shall apply accordingly; (e) any proceeding for the imposition of a penalty in respect of any assessment completed before the first day of April, 2010, may be initiated and any such penalty may be imposed as if this Code had not been enacted; (f) any proceeding for the imposition of a penalty in respect of any assessment for the year ending on the 31st day of March, 2011, or any earlier year, which is completed on or after the 1st day of April, 2010, may be initiated and any such penalty may be imposed under this Code; (g) any election or declaration made, or option exercised, by an assessee under any provision of the repealed Act and in force immediately before the commencement of this Code shall be deemed to have been an election or declaration made, or option exercised, under the corresponding provision of this Code; (h) where, in respect of any assessment completed before the commencement of this Code, a refund falls due after such commencement, or default is made after such commencement in the payment of any sum due under such completed assessment, the provisions of this Code relating to interest payable by the Central Government on refunds and interest payable by the assessee for default shall apply; (i) any sum payable under the repealed Act may be recovered under this Code, but without prejudice to any action already taken for the recovery of such sum under the repealed Act; (j) any agreement entered into under section 90 or section 90A of the repealed Act shall, so far as it is not inconsistent with section 258 of this Code, be deemed to have been entered into under section 258 of this Code and shall continue in force accordingly; (k) any appointment made under any provision of the repealed Act, or the Central Board of Revenue Act, shall, so far as it is not inconsistent with the corresponding provisions of this Code, be deemed to have been made under the corresponding provision aforesaid and shall continue in force accordingly; (l) any order made under any provision of the repealed Act shall, so far as it is not inconsistent with the corresponding provisions of this Code, be deemed to have been made under the corresponding provision aforesaid and shall continue in force accordingly; (m) where the period prescribed for any application, appeal, reference or revision under the repealed Act had expired on or before the commencement of this Code, nothing in this Code shall be construed as enabling any such application, appeal, reference or revision to be made under this Code by reason only of the fact that a longer period therefor is prescribed or provision is made for extension of time in suitable cases by the appropriate authority; (n) the deduction under section 80-IA, section 80-IAB, section 80-IB, section 80-IC, section 80-ID, section 80-IE or section 80-JJA of the repealed Act shall continue to be allowed under this Code if the assessee is eligible for such deduction for the assessment year beginning on the 1st day of April, 2010 so however that- (i) the amount of profits eligible for deduction under the aforesaid provisions are calculated in accordance with the provisions of this Code; and (ii) the period for which the deduction is allowed under the aforesaid provisions shall not include a period for which the deduction was otherwise not allowable under the repealed Act. (3) For the purposes of this section, "assessment year" shall have the same meaning assigned to it in the Income-tax Act, 1961 as it stood prior to its repeal.