Giving effect to resolution of dispute by DRC - Section 245MA(2A) - Income Tax - Ready Reckoner - Income Tax

Giving effect to resolution of dispute by DRC - Section 245MA(2A) [w.e.f. 01.04.2022] After the resolution of the dispute by the DRC the assessed income of the person who had applied to DRC has to be determined, which will be followed by, inter alia, initiation of penalty proceedings, if any and issuance of demand notice u/s 156 of the Act. To give such effect upon receipt of the order of the DRC under this section, the AO shall,- a. in a case where the specified order is - a draft of the proposed order of assessment u/s 144C(1) , - pass an order of assessment, reassessment or recomputation; or b. modify the order of assessment, reassessment or recomputation, (in any other case) The aforesaid order or modified order of assessment, reassessment or recomputation in conformity with the directions contained in the order of the Dispute Resolution Committee within a period of one month from the end of the month in which such order is received.