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TMI BlogReference to Dispute Resolution PanelX X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer; or (b) file his objections, if any, to such variation with,- (i) the Dispute Resolution Panel; and (ii) the Assessing Officer. (3) The Assessing Officer shall complete the assessment on the basis of the draft order, if- (a) the assessee intimates to the Assessing Officer the acceptance of the variation; or (b) no objections are received within the period specified in sub-section (2). (4) The Assessing Officer shall, notwithstanding anything contained 2 [ in section 153 or section 153B ] , pass the assessment order under sub-section (3) within one month from the end of the month in which,- (a) the acceptance is received; or (b) the period of filing of objections under sub-section (2) expires. (5) The Dispute Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment proceedings relating to the draft order, notwithstanding that such matter was raised or not by the eligible assessee. ] (9) If the members of the Dispute Resolution Panel differ in opinion on any point, the point shall be decided according to the opinion of the majority of the members. (10) Every direction issued by the Dispute Resolution Panel shall be binding on the Assessing Officer. (11) No direction under sub-section (5) shall be issued unless an opportunity of being heard is given to the assessee and the Assessing Officer on such directions which are prejudicial to the interest of the assessee or the interest of the revenue, respectively. (12) No direction under sub-section (5) shall be issued after nine months from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r issuance of directions by dispute resolution panel. (14C) The Central Government may, for the purpose of giving effect to the scheme made under sub-section (14B), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the notification: Provided that no direction shall be issued after the 31st day of March, 12 [ 2025 ] . (14D) Every notification issued under sub-section (14B) and sub-section (14C) shall, as soon as may be after the notification is issued, be laid before each House of Parliament. ] (15) For the purposes of this section,- (a) Dispute Resolution Panel means a collegium comprising of three 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as (ii) any foreign company 10. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-11-2020 11. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as 2022 12. Substituted vide THE FINANCE ACT, 2024 dated 15-02-2024 w.e.f. 01-04-2024 before it was read as, 11 [ 2024 ] 13. Inserted vide Section 43 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-09-2024 14. Inserted vide Section 43 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-09-2024 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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