Making references to the Approving Panel under the provisions of General Anti-Avoidance Rules (GAAR) as per section 144BA of the Income-tax Act, 1961 - Taxindiainternational.com

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I-T - Attribution of revenue to a Permanent Establishment does not limit deduction of expenses incurred to earn that revenue: HC (See Breaking News)

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I-T - Authority deciding applications u/s 197 is obligated to decide as per provisions of Income Tax Act, and with due regard to treaties between countries, without being influenced by revenue targets: HC (See Breaking News)

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I-T - Scheme of Section 144C is designed to protect the principles of natural justice and that administrative mechanisms should be put in place to ensure that objections are duly communicated to the AO: HC (See Breaking News)

I-T - Objective of Sec 197 is to ensure that where transaction is not taxable, tax is not deducted, thereby protecting assessee's cash flow and preventing Revenue from being burdened with interest on refunds: HC (See Breaking News)

DTAA - A Permanent Establishment is to be treated as distinct & separate enterprise & all expenses attributable to it must be allowed, in absence of any specific restriction in DTAA: ITAT (See Breaking News)

TP - Time limit for completion of assessment prescribed u/s 153 is definitive outer limit that must be adhered to: ITAT (See Breaking News)

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Making references to the Approving Panel under the provisions of General Anti-Avoidance Rules (GAAR) as per section 144BA of the Income-tax Act, 1961 By TII News Service Apr 07, 2021 , New Delhi
F.No.226/29/2019/IT A-II GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI Dated: April 07, 2021 To All Principal Chief Commissioners of Income-tax/ Principal Director Generals of Income-tax All Chief Commissioners of Income-tax / Director Generals of Income-tax Act Subject: Making references to the Approving Panel under the provisions of General Anti-Avoidance Rules (GAAR) as per section 144BA of the Income-tax Act, 1961 - reg. 1. The provisions of GAAR have been made applicable with effect from Financial Year 2017-18 relevant for the Assessment Year 2018-19. As per the GAAR provisions, the references to the Approving Panel arc required to be made in cases in which the Pr. Commissioner of Income-tax or Commissioner of Income-tax, consequent upon receipt of the reference from the Assessing Officer for declaring arrangement as an impermissible avoidance arrangement and determination of consequences thereof, issues notice to the assessee; to which the assessee objects and the Pr. Commissioner of Income-tax or Commissioner of Income-tax is not satisfied by the explanation of the assessee for objecting to the said clause of notice. 2. Composition of Approving Panel: (i) A person, who is or has been a Judge of a High Court - Chairman (ii) Member of Indian Revenue Service, not below the rank of Principal Chief Commissioner or Chief Commissioner of Income Tax - Member (iii) An Academic or Scholar having special knowledge of matters such as Direct Taxes, Business Accounts and International Trade Practices- Member Further, a Secretariat will also be set up for providing secretarial assistance to the Approving Panel under GAAR provisions. 3. As the time limit for completion of assessment for the A.Y 2018-19 is expiring on 30.04.2021, references are likely to be received under the GAAR provisions. Therefore, the Board, in exercise of its powers under section 119 of the Income-tax Act, 1961, hereby directs that till the time the Secretariat of the Approving Panel under GAAR is set up, references to the Approving Panel under section 144BA of the Act shall be sent to the following office: O/o Under Secretary/ DCIT(OSD) (ITA-II), CBDT Room No.245A, North Block Department of Revenue Ministry of Finance New Delhi-110001 4. The above office shall compile all such references received and forward the same to the Secretariat of the Approving Panel, once the same is set up. 5. This issues with the approval of Chairman, CBDT Ravinder Maini Director (ITA-II), CBDT

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