The Central Board of Direct Taxes (CBDT) has constituted a high-level committee for considering proposals for assessment of income arising or accruing before 1 April 2012 on account of retrospective amendments to the provisions related to indirect transfer.
Finance minister Arun Jaitley had, in his budget speech on 10 July, announced plans to set up a high-level committee to scrutinise all fresh cases arising out of the retrospective amendments of 2012 in respect of indirect transfer and coming to the notice of assessing officer, before any action is initiated in such cases.
Henceforth, in all fresh cases where income on account of retrospective amendments to the provisions related to indirect transfer is considered to accrue or arise before the 1 April 2012, the assessing officer will be required to seek prior approval of any proposed action in this regard from the committee, an official release said.
The committee will, after providing an opportunity to the taxpayer, issue appropriate directions to the assessing officer in a time bound manner. The committee would be required to submit periodic report to the CBDT. The CBDT may intervene in the working/deliberations of the committee, as and when required, the release added.