Income Tax - Dispute Resolution Panel - Rules Notified
Finance Act 2009 had inserted a new Section 144 C in the Income Tax Act to provide for a Dispute Resolution Panel.
Sub section 14 provided that
14) The Board may make rules for the purposes of the efficient functioning of the Dispute Resolution Panel and expeditious disposal of the objections filed under sub-section (2) by the eligible assessee.
Now the Board has notified the Income Tax (Dispute Resolution Panel) Rules, 2009.
8 panels are to be created at Delhi, Mumbai, Ahmedabad, Kolkata, Chennai, Hyderabad, Bangalore and Pune. Three Commissioners, nominated by name shall constitute the Panel. There shall be a Secretariat for the panel created by the Chief Commissioner. The AO shall pass Assessment Order on the directions of the panel. An appeal against the order passed on directions of the Panel shall lie to the ITAT.
Let us hope this Panel does not turn out to be the farce that the Committees of Commissioners and Chief Commissioners to review orders in Central Excise and Customs.
Please see our Editorial for a more detailed analysis.