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TMI BlogReference to Commissioner in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... a reference under sub-section (1), if he is of the opinion that the provisions of Chapter X-A are required to be invoked, issue a notice to the assessee, setting out the reasons and basis of such opinion, for submitting objections, if any, and providing an opportunity of being heard to the assessee within such period, not exceeding sixty days, as may be specified in the notice. (3) If the assessee does not furnish any objection to the notice within the time specified in the notice issued under sub-section (2), the 3 [Principal Commissioner or] Commissioner shall issue such directions as he deems fit in respect of declaration of the arrangement to be an impermissible avoidance arrangement. (4) In case the assessee objects to the prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect the 3 [Principal Commissioner or] Commissioner to make such inquiry or cause the inquiry to be made by any other income-tax authority and furnish a report containing the result of such inquiry to it; or (ii) call for and examine such records relating to the matter as it deems fit; or (iii) require the assessee to furnish such documents and evidence as it may direct. (9) If the members of the Approving Panel differ in opinion on any point, such point shall be decided according to the opinion of the majority of the members. (10) The Assessing Officer, on receipt of directions of the 3 [Principal Commissioner or] Commissioner under sub-section (3) or of the Approving Panel under sub-section (6), shall proceed to complete the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall lie against such directions. (15) The Central Government shall, for the purposes of this section, constitute one or more Approving Panels as may be necessary and each panel shall consist of three members including a Chairperson. (16) The Chairperson of the Approving Panel shall be a person who is or has been a judge of a High Court, and- (i) one member shall be a member of Indian Revenue Service not below the rank of 3 [Principal Chief Commissioner or] Chief Commissioner of Income-tax; and- (ii) one member shall be an academic or scholar having special knowledge of matters, such as direct taxes, business accounts and international trade practices. (17) The term of the Approving Panel shall ordinarily be for one year and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where immediately after the exclusion of the aforesaid time or period, the period available to the Approving Panel for issue of directions is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of six months shall be deemed to have been extended accordingly.] --------------------------------------------- Notes:- 1. Inserted vide Finance Act, 2012, w.e.f. 01-04-2014. 2. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 2016, inserted by section 62 of the Finance Act, 2012 (23 of 2012)], before it was read 1 [Reference to Commissioner in certain cases. 144BA. (1) If, the Assessing Officer, at any stage of the assessment or reassessment p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of Chapter X-A are not to be invoked, he shall by an order in writing communicate the same to the Assessing Officer with a copy to the assessee. (6) The Approving Panel, on receipt of reference from the Commissioner under sub-section (4) shall issue such directions, as it deems fit, in respect of the declaration of the arrangement as an impermissible avoidance arrangement in accordance with the provisions of Chapter X-A including specifying the previous year or years to which such declaration of an arrangement as an impermissible avoidance arrangement shall apply. (7) No direction under sub-section (6) shall be issued unless an opportunity of being heard is given to the assessee and the Assessing Officer on such dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer while completing any assessment or reassessment proceedings of the assessment year relevant to such other previous year shall do so in accordance with such directions and the provisions of Chapter X-A and it shall not be necessary for him to seek fresh direction on the issue for the relevant assessment year. (12) No order of assessment or reassessment shall be passed by the Assessing Officer without the prior approval of the Commissioner if any tax consequences have been determined in the order under the provisions of Chapter X-A pursuant to a direction issued under sub-section (6) or sub-section (3) declaring the arrangement as impermissible avoidance arrangement. (13) No direction under sub-section (6) shall be issu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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