The Central Board of Direct Taxes (CBDT) has set up a high level committee to scrutinize all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfers.

The four member Committee will look into all such cases coming to the notice of the assessing officer and give its views before any action could be initiated by the income tax department.

The members of the committee are joint secretary (FT&TR-I), Joint Secretary (TPL-1) and Commissioner of income tax.

The director (FT&TR-1) will be secretary of the committee.

On receipt of reference from the assessing officer, the committee will 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 will have to convey its decision in writing to the Assessing Officer with copy to the principal commissioner or the commissioner and the assessee.

The CBDT has in an order issued on Thursday said that the committee should endeavour to decide the reference within 60 days of its receipt by the secretary of the committee.

The assessing officer would thereafter proceed in accordance with the directions of the committee.

The CBDT has stipulated that the committee will have to submit its report in respect of references decided by it in the relevant period to the CBDT.

Also, the CBDT has been empowered to intervene in the working/deliberations of the committee, as and when required.

The first report would have to be submitted in respect of period ending on December 31, 2014 and subsequent reports will have to be submitted on half yearly basis.

srivats.kr@thehindu.co.in

Related Topics
comment COMMENT NOW