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TMI BlogReference to Principal Commissioner or Commissioner in certain cases.X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (1), if he is of the opinion that the provisions of Chapter XI are required to be invoked,-- (a) issue a notice to the assessee, setting out the reasons and basis of such opinion, for submitting objections, if any; and (b) provide an opportunity of being heard to the assessee within such period, not exceeding sixty days, as specified in the said notice. (3) If the assessee fails to furnish any objection to the notice within the time specified in the notice issued under sub-section (2), the 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 proposed action, and the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 (b) call for and examine such records relating to the matter as it deems fit; or (c) 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 Principal Commissioner or Commissioner under sub-section (3) or of the Approving Panel under sub-section (6), shall proceed to complete the proceedings referred to in sub-section (1) as per such directions and the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Approving Panel or one year, whichever is less; (b) the period commencing on the date on which the proceeding of the Approving Panel is stayed by an order or injunction of any court and ending on the date on which certified copy of the order vacating the stay was received by the Approving Panel. (15) If immediately after the exclusion of the period as per sub-section (14), the remaining 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 period of six months mentioned in sub-section (13) shall be deemed to have been extended accordingly. (16) The directions issued by the Approving Panel under sub-section (6) shall be binding on- (a) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Panel such officials as may be necessary for the efficient exercise of powers and discharge of functions of the Approving Panel under this Act.
(24) The Board may make rules for the purposes of the constitution and efficient functioning of the Approving Panel and expeditious disposal of the references received under sub-section (4).
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Clause 274 of the Bill seeks to provide for making a reference by Assessing Officer to the Principal Commissioner or Commissioner during the course of pending assessments or reassessments to declare an arrangement as an impermissible tax avoidance arrangement and determining the consequences of such an alignment. X X X X Extracts X X X X X X X X Extracts X X X X
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