Notice, Forms for reference under section 144BA [ Rule 10UB ] - Income Tax - Ready Reckoner - Income Tax

Notice, Forms for reference under section 144BA [ Rule 10UB ] (1) For the purposes of section 144BA(1) the Assessing Officer shall, before making a reference to the Commissioner, issue a notice in writing to the assessee seeking objections, if any, to the applicability of provisions of Chapter X-A in his case. (2) The notice referred to in rule 10UB(1) shall contain the following: - (i) details of the arrangement to which the provisions of Chapter X-A are proposed to be applied; (ii) the tax benefit arising under the arrangement; (iii) the basis and reason for considering that the main purpose of the identified arrangement is to obtain tax benefit; (iv) the basis and the reasons why the arrangement satisfies the condition provided in clause (a), (b), (c) or (d) of section 96(1) ; and (v) the list of documents and evidence relied upon in respect of (iii) and (iv) above. (3) The reference by the Assessing Officer to the Commissioner under section 144BA(1) shall be in Form No.3CEG . (4) Where the Commissioner is satisfied that the provisions of Chapter X-A are not required to be invoked with reference to an arrangement after considering (i) the reference received from the Assessing Officer under section 144BA(1) , or (ii) the reply of the assessee in response to the notice issued under section 144BA(2), he shall issue directions to the Assessing Officer in Form No. 3CEH . (5) Before a reference is made by the Commissioner to the Approving Panel under section 144BA(4) , he shall record his satisfaction regarding the applicability of the provisions of Chapter X-A in Form No. 3CEI and enclose the same with the reference.