Powers conferred u/s 120 of the Income-tax Act 1961 (43 of 1961)-column (2) of the Schedule II - Amendment in N. No. S.O. 733(E) dated the 31st July, 2001 - 206/2003 - Income Tax

Powers conferred u/s 120 of the Income-tax Act 1961 (43 of 1961)-column (2) of the Schedule II - Amendment in N. No. S.O. 733(E) dated the 31st July, 2001 Notification No. 206 of 2003, dt. 27th Aug., 2003 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act 1961 (43 of 1961), the Central Board of Direct Taxes, hereby directs that Chief Commissioners of Income-tax specified in column (2) of the Schedule II shall exercise all the powers and perform all the functions under the Income-tax Act 1961 for the period beginning on or after 1st July, 2003, in respect of persons who made applications for permanent account number on or after 1st July, 2003, or who make such applications after such date and who are otherwise assessable by the Income-tax authorities specified in column (4) of that Schedule, and, makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes), published in the Gazette of India No. S.O. 733(E) dated the 31st July, 2001 namely: (a) in the first proviso, for the words, brackets and figures "under column (4) of the Schedule H", the words brackets and figures, "under column (4) of the Schedule II and shall also exercise all the powers and perform all the functions in respect of those persons under the Income-tax Act, 1961 (43 of 1961)" shall be substituted; (b) in the second proviso, for the words "Schedule having jurisdiction vested in them", the words, brackets and figures "Schedule having jurisdiction vested in them and shall also exercise all the powers and perform all the functions in respect of those persons under the Income-tax Act, 1961 (43 of 1961)" shall be substituted; (c) in the third proviso, for the words "Schedule having the jurisdiction vested in them", the words, brackets and figures "Schedule having jurisdiction vested in them and shall also exercise all the powers and perform all the functions in respect of those persons under the Income-tax Act, 1961 (43 of 1961)" shall be substituted; (d) in the fourth proviso, for the words "Schedule having the jurisdiction vested in them", the words, brackets and figures "Schedule having jurisdiction vested in them and shall also exercise all the powers and perform all the functions in respect of those persons under the Income-tax Act, 1961 (43 of 1961)" shall be substituted. [F.No. 187/11/2003-ITA-I]