Government of India
Department of Revenue
Central Board of Direct Taxes
(Tax Policy & Legislation Division)
New Delhi dated 28th August, 2014
Order under section 119 of the Income-tax Act
Vide the Finance Act, 2012, certain clarificatory amendments were
introduced in clauses (14) and (47) of section 2, in clause (i) of sub-section (1) of
section 9 and in section 195 of the Income-tax Act ("the Act"), with retrospective
effect from 01.04.1962 in relation to transfer of assets. For the proper
administration of these provisions of the Act, the Central Board of Direct Taxes
(CBDT), in exercise of its power u/s 119 of the Act, hereby directs the following:-
1. A Committee consisting of following officers of the CBDT as Members is
hereby constituted: -
(i) Joint Secretary (FT&TR-I)
(ii) Joint Secretary (TPL-I)
(iii) Commissioner of Income-tax (ITA)
The Director (FT&TR-I) shall be the Secretary of the Committee.
2. Where any Assessing officer considers that any income is deemed to
accrue or arise in India before 1st April, 2012 through transfer of a capital asset
situate in India in consequence of the amendments introduced with retrospective
effect, and as on the date of this order,-
(i) no proceeding of assessment or reassessment in relation to
the said income is pending; or
(ii) no notice for proposed assessment or re-assessment in
relation to the said income has been issued; or
(iii) no proceeding under section 201 of the Act is pending, or no
notice for initiation of such proceeding has been issued in
relation to the said income,
then, before proceeding with any action in relation to the said income, the
Assessing Officer shall seek prior approval of the Committee for the proposed
action by making a reference to the Committee through the Principal
Commissioner or the Commissioner concerned. The Assessing Officer shall
forward a copy of the reference to the assessee.
3. All such references shall be addressed to the Secretary of the Committee,
and it shall be the responsibility of the Secretary that the meetings of the
committee are convened at appropriate time and intervals so as to effectively and
expeditiously dispose of the references received by it.
4. The Committee, on receipt of the reference from the Assessing Officer,
shall 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 shall convey its decision in writing to the Assessing Officer with copy
to the Principal Commissioner or the Commissioner concerned and the
assessee. The Committee shall endeavor to decide the reference within 60 days
of its receipt by the Secretary of the Committee. However, the Committee shall
have due regard to any limitation period involved in the proposed action.
5. The Assessing Officer shall thereafter proceed in accordance with the
directions of the Committee.
6. The Committee shall submit its report in respect of references decided by it
in the relevant period to the CBDT through Member (IT) in the Proforma annexed
as Annexure `A' to this order. The CBDT may intervene in the
working/deliberations of the Committee, as and when required. The first report
shall be submitted in respect of period ending on 31/12/2014, and subsequent
reports shall be submitted on half yearly basis (30th June and 31st December
Director (Tax Policy & Legislation)
1. The Chairman (CBDT), All Members, Central Board of Direct Taxes for
2. All Principal CCsIT for necessary action in respect of their region including
circulation to all Assessing Officers.
3. The Director General of Income Tax (Admn), Mayur Bhawan, New Delhi.
4. DGIT (Systems) for putting up on Departmental Website.
5. Addl. DIT (DBC), for putting it on www.irsofficersonline.gov.in
6. Ms. Rekha Shukla, CIT (M&TP) of CBDT.
7. DIT (PR, PP & OL) for publicity.
Director (Tax Policy & Legislation)
Report of the Committee for the period ending on -----------
S.No. Name of Assessment Date of Action Date of
the Years Receipt of proposed by decision of the
Taxpayer involved Reference the Committee and
and PAN from the Assessing its Gist
Assessing Officer along
officer with brief
facts of the