Description:
Vide Finance Act, 2009 a new section 144C was inserted in Income Tax Act which provides for refernce to dispute resolution panel if the AO proposes to make any veriation in income or loss returned by the assessee during assessment proceedings, which is prejudicial to the interest of the assessee. The amendment comes into effect from 1-10-2009.
The CBDT has vide notification dated 20-11-2009 has notified Dispute Resolution Panel Rules which will go a long way against arbitrary assessments and huge demands against the assessees. #pdf
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