Notes on clauses-Equalisation Levy

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..... a non-resident from a person resident in India and carrying on business or profession or from a non-resident having a permanent establishment in India. Sub-clause (2) provides that no such levy shall be made, if the non-resident service provider has a permanent establishment in India and income from such specified services are effectively connected to this permanent establishment. It is further provided to exclude the consideration for specified services out of the scope of equalisation levy if such consideration is not for the purpose of carrying out business or profession. It is also provided that no such levy shall be made if the aggregate amount of consideration for specified services received or receivable by a non-resident from a per .....

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..... piry of one year from the end of the relevant financial year. Clause 166 of the Bill provides for rectification of mistakes apparent from the record of any order passed by the Assessing Officer within one year from the end of the financial year in which the order sought to be amended was passed. The Assessing Officer may rectify mistakes either suo motu or at the instance of the assessee. Further, any amendment which has the effect of enhancing the liability or reducing a refund of the assessee shall be made only after giving the assessee a reasonable opportunity of being heard. Clause 167 of the Bill provides for payment of simple interest at the rate of one per cent. for every month or part of a month where the equalisation levy collected .....

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..... ellate Tribunal against order passed by Commissioner of Income-tax (Appeals) under clause. This clause contains provisions relating to time and procedure for filing appeal before the Appellate Tribunal. This clause also provides that where an appeal has been filed under this clause, the provisions of sections 252 255 of the Income-tax Act shall, as far as may be, apply to such appeals. Clause 173 of the Bill provides for punishment, by way of imprisonment up to a period of three years and with fine, for making any statement in any verification, account or statement which is false. This clause also provides that an offence punishable under this clause shall be deemed to be non-cognisable within the meaning of the Code of Criminal Procedure, .....

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