Order under section 119 of the Income-tax Act
Vide
the Finance Act, 2012, certain clarificatory amendments were introduced in
clauses (14) and (47) of section 2, in clause (i) of sub-section (1) of section
9 and in section 195 of the Income-tax Act (“the Act”), with retrospective effect
from 01.04.1962 in relation to transfer of assets. For the proper administration
of these provisions of the Act, the Central Board of Direct Taxes (CBDT), in
exercise of its power u/s 119 of the Act, hereby directs the following:-
1. A Committee consisting of following officers of the CBDT
as Members is hereby constituted: -
(i) Joint Secretary (FT&TR-I)
(ii) Joint Secretary (TPL-I)
(iii) Commissioner of Income-tax (ITA)
The Director (FT&TR-I) shall be the Secretary of the
Committee.
2.
Where any Assessing officer considers that any income is deemed to accrue or
arise in India before 1st April, 2012 through transfer of a capital asset situate
in India in consequence of the amendments introduced with retrospective effect,
and as on the date of this order,-
(i) no proceeding of assessment or reassessment in relation
to the said income is pending; or
(ii) no notice for proposed assessment or re-assessment in relation
to the said income has been issued; or
(iii) no proceeding under section 201 of the Act is pending,
or no notice for initiation of such proceeding has been issued in relation to the said income,
then,
before proceeding with any action in relation to the said income, the Assessing
Officer shall seek prior approval of the Committee for the proposed action by
making a reference to the Committee through the Principal Commissioner or the
Commissioner concerned. The Assessing Officer shall forward a copy of the
reference to the assessee.
3.
All such references shall be addressed to the Secretary of the Committee, and
it shall be the responsibility of the Secretary that the meetings of the committee
are convened at appropriate time and intervals so as to effectively and expeditiously dispose of the references
received by it.
4.
The Committee, on receipt of the reference from the Assessing Officer, shall
examine the proposed action of the Assessing Officer and, after providing an
opportunity to the assessee, take a decision on the proposed action. The committee
shall convey its decision in writing to the Assessing Officer with copy to the
Principal Commissioner or the Commissioner concerned and the assessee. The
Committee shall endeavor to decide the reference within 60 days of its receipt
by the Secretary of the Committee. However, the Committee shall have due regard
to any limitation period involved in the proposed action.
5.
The Assessing Officer shall thereafter proceed in accordance with the directions
of the Committee.
6.
The Committee shall submit its report in respect of references decided by it in
the relevant period to the CBDT through Member (IT) in the Proforma annexed as
Annexure `A’ to this order. The CBDT may intervene in the working/deliberations
of the Committee, as and when required. The first report shall be submitted in
respect of period ending on 31/12/2014, and subsequent reports shall be
submitted on half yearly basis (30th June and 31st December every year).
Annexure
Report
of the Committee for the period ending on -----------
S.No.
|
Name of
the
Taxpayer
and PAN
|
Assessment
Years
involved
|
Date of
Receipt of
Reference
from the
Assessing
officer
|
Action
proposed by
the
Assessing
Officer along
with brief
facts of the
case
|
Date of
decision of the
Committee and
its Gist
|
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