On September 01, 2021, the Central Board of Direct Taxes (CBDT) has issued a notification to notify the implementation date of certain provisos of the Income Tax Act, 1961 w.e.f September 01, 2021.
Provisions are mentioned below:
- Section 245-O Second proviso of sub-section (1) which specifies Authority for Advance ruling, namely:
“Provided further that the Authority so constituted shall cease to operate on and from such date as the Central Government may, by notification in the Official Gazette, appoint.”
- Section 245-P Sub-section (2), which specifies Vacancies, etc., not to invalidate proceedings, namely:
“With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, the provisions of this section shall have effect as if for the word “Authority”, the words “Board for Advance Rulings” had been substituted.”
- Section 245-Q Sub-section (4), which specifies, Application for advance ruling, namely:
“Where an application for advance ruling under this Chapter is made before such date as the Central Government may, by notification in the Official Gazette, appoint, and in respect of which no order under sub-section (2) of section 245R has been passed or no advance ruling under sub-section (4) of section 245R has been pronounced before such date, such application along with all the relevant records, documents or material, by whatever name called, on the file of the Authority shall be transferred to the Board for Advance Rulings and shall be deemed to be the records before the Board for Advance Rulings for all purposes.”
- Section 245-R Sub- section (8), which specifies, Procedure on receipt of application, namely:
“On and from such date as the Central Government may, by notification in the Official Gazette, appoint, the provisions of this section shall have effect as if for the word “Authority”, the words “Board for Advance Rulings” had been substituted and the provisions of this section shall apply mutatis mutandis to the Board for Advance Rulings as they apply to the Authority.
- Section 245-S Sub-section (3), which specifies, Applicability of advance ruling, namely:
“Nothing contained in this section shall apply to any advance ruling pronounced under section 245R on or after such date as the Central Government may, by notification in the Official Gazette, appoint.”
- Section 245-T, sub-section (3), Advance ruling to be void in certain circumstances, namely:
“With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, the provisions of this section shall have effect as if for the word “Authority”, the words “Board for Advance Rulings” had been substituted”
- Suection 245-U, sub-section (3), Powers of the Authority, namely:
“On and from such date as the Central Government may, by notification in the Official Gazette, appoint, the powers of the Authority under this section shall be exercised by the Board for Advance Rulings and the provisions of this section shall mutatis mutandis apply to the Board for Advance Rulings as they apply to the Authority.”
- Proviso to section 245-V, which specifies, Procedure of Authority, namely:
“Provided that nothing contained in this section shall apply on or after such date as the Central Government may, by notification in the Official Gazette, appoint.”
