Income Tax Authorities has published a press released on 02.09.14 u/s. 119 of Income Tax Act, 1961 to constitute a Committee for approval to tax indirect transfer cases for income arising before 01.04.2012, which is as under:
The Finance Minister in his budget speech on 10th July, 2014 had made an announcement that all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfer and coming to the no tice of Assessing officer will be scrutinized by a High Level Committee to be constituted by Central Board of Direct Taxes (CBDT) before any action is initiated in such cases.
2. The CBDT in exercise of powers conferred under section 119 of the Income-tax Act, 1961 has issued an Order No.149/141/2014-TPL dated 28th August, 2014 constituting the High Level Committee consisting of the officers of CBDT. The Committee includes Joint Secretary, (FT&TR-I), Joint Secretary (TPL-I) and Commissioner of Income-tax (ITA). Further, the Director (FT&TR-I) will be the Secretary of the Committee. The Order is available on official website of Income-tax Department at http://incometaxindia.gov.in.
3. Henceforth, in all fresh cases where income on account of retrospective amendments to the provisions related to indirect transfer is considered to accrue or arise before the 1st April, 2012, the Assessing Officer shall be required to seek prior approval of any proposed action in this regard from the Committee. The Committee shall, after provident an opportunity to the taxpayer, issue appropriate directions to the Assessing Officer in a time bound manner. The Committee would be required to submit periodic report to the CBDT. The CBDT may intervene in the working/deliberations of the Committee, as and when required.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
PRESS RELEASE
New Delhi, the 2nd September, 2014
The Finance Minister in his budget speech on 10th July, 2014 had made an announcement that all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfer and coming to the no tice of Assessing officer will be scrutinized by a High Level Committee to be constituted by Central Board of Direct Taxes (CBDT) before any action is initiated in such cases.
2. The CBDT in exercise of powers conferred under section 119 of the Income-tax Act, 1961 has issued an Order No.149/141/2014-TPL dated 28th August, 2014 constituting the High Level Committee consisting of the officers of CBDT. The Committee includes Joint Secretary, (FT&TR-I), Joint Secretary (TPL-I) and Commissioner of Income-tax (ITA). Further, the Director (FT&TR-I) will be the Secretary of the Committee. The Order is available on official website of Income-tax Department at http://incometaxindia.gov.in.
3. Henceforth, in all fresh cases where income on account of retrospective amendments to the provisions related to indirect transfer is considered to accrue or arise before the 1st April, 2012, the Assessing Officer shall be required to seek prior approval of any proposed action in this regard from the Committee. The Committee shall, after provident an opportunity to the taxpayer, issue appropriate directions to the Assessing Officer in a time bound manner. The Committee would be required to submit periodic report to the CBDT. The CBDT may intervene in the working/deliberations of the Committee, as and when required.
(Rekha Shukla)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT
