[TO
BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART–II,
SECTION 3, SUB-SECTION (ii)]
GOVERNMENT
OF INDIA
MINISTRY
OF FINANCE
DEPARTMENT
OF REVENUE
(CENTRAL
BOARD OF DIRECT TAXES)
NOTIFICATION
New
Delhi, the 29th November, 2012.
(INCOME-TAX)
S.O.
2805(E).— In exercise of the powers conferred by section 295 of the Income-tax Act,
1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following
rules further to amend the Income-tax Rules, 1962, namely:-
1.
(1) These rules may be called the Income-tax (15th Amendment) Rules, 2012.
(2) They shall come into force on the date
of their publication in the Official Gazette.
2.
In the Income-tax Rules, 1962, (hereinafter referred to as the said rules), in
rule 11U,—
(A)
for clauses (a) and (b), the following clauses shall respectively be substituted,
namely:-
‘(a)
"accountant" ,-
(i)
for
the purposes of sub-rule (2) of rule 11UA, means a fellow of the Institute of Chartered
Accountants of India within the meaning of the Chartered Accountants Act, 1949
(38 of 1949) who is not appointed by the company as an auditor under Section
44AB of the Act or under Section 224 of the Companies Act , 1956 ( 1 of 1956);
and
(ii)
in
any other case, shall have the same meaning as assigned to it in the Explanation
below sub-section (2) of section 288 of the Act;
(b)
"balance-sheet", in relation to any company, means,-
(i)
for
the purposes of sub-rule (2) of rule 11UA, the balance-sheet of such company
(including the notes annexed thereto and forming part of the accounts) as drawn
up on the valuation date which has been audited by the auditor of the company
appointed under section 224 of the Companies Act, 1956 (1 of 1956) and where
the balance-sheet on the valuation date is not drawn up, the balance-sheet
(including the notes annexed thereto and forming part of the accounts) drawn up
as on a date immediately preceding the valuation date which has been approved
and adopted in the annual general meeting of the shareholders of the company;
and
(ii)
in
any other case, the balance-sheet of such company (including the notes annexed
thereto and forming part of the accounts) as drawn up on the valuation date
which has been audited by the auditor appointed under section 224 of the
Companies Act, 1956 (1 of 1956);’;
(B)
for clause (j), the following clause shall be substituted, namely:-
‘(j)
"valuation date" means the date on which the property or
consideration, as the case may be, is received by the assessee.’. (Click Here - To Read More)
