Section 79 - Amendment of section 245Q. - Finance Act, 2021

Amendment of section 245Q. 79. In section 245Q of the Income-tax Act,- (a) in sub-section (1), the words, figures and letters or under Chapter IIIA of the Central Excise Act, 1944 (1 of 1944.) or under Chapter VA of the Finance Act, 1994 (32 of 1994.) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; (b) after sub-section (3), the following sub-section shall be inserted, namely:- (4) Where an application for advance ruling under this Chapter is made before such date as the Central Government may, by notification in the Official Gazette, appoint, and in respect of which no order under sub-section (2) of section 245R has been passed or no advance ruling under sub-section (4) of section 245R has been pronounced before such date, such application along with all the relevant records, documents or material, by whatever name called, on the file of the Authority shall be transferred to the Board for Advance Rulings and shall be deemed to be the records before the Board for Advance Rulings for all purposes. .