Clause 44 - Amendment of section 245N - Finance Bill, 2013

Amendment of section 245N 44. In section 245N of the Income-tax Act, (i) in clause (a), (I) sub-clause (iv) shall be omitted; (II) after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1st day of April, 2015, namely:- (iv) a determination or decision by the Authority whether an arrangement, which is proposed to be undertaken by any person being a resident or a non-resident, is an impermissible avoidance arrangement as referred to in Chapter X-A or not: ; (ii) in clause (b), (I) sub-clause (iiia) shall be omitted; (II) in sub-clause (iii), for the word or occurring at the end, the word and shall be substituted; (III) in sub-clause (iii), for the word and occurring at the end, the word or shall be substituted with effect from the 1st day of April, 2015; (IV) after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1 st day of April, 2015, namely: (iiia) is referred to in sub-clause (iv) of clause (a); and .