In view of rationalisation of provisions relating to Appellate Tribunal, following amendments are proposed:-
-To omit the reference of “Senior Vice President” under existing clause (b) of sub-section (3), sub-section (4A) and sub-section (5) of Section 252
-To omit Section 253 (2A) and Section 253 (3A) in relation to filing of appeal by Assessing Officer for order passed by Dispute Resolution Panel. Consequential amendments shall be made in Section 253 (3A) and Section 253 (4).
The above amendments will take effect from 1st day of June, 2016.
Further, where Department is already in appeal against the directions of Dispute Resolution Panel under sub-section (2A) of the Section 253 (before the amendment of the Finance Act, 2016), no fee shall be payable. This amendment will take effect retrospectively from 1st July, 2012
The below amendments will take effect from 1st day of June, 2016.
Currently, the Appellate Tribunal can rectify any mistake apparent from the record in its order within 4 years from the date of order.
However, it is proposed to amend the time limit to 6 months from the end of the month in which order was passed
The monetary limit of total income, as computed by Assessing Officer, for a single member bench to dispose of any case pertaining to assessee, has been increased from Rs. 15 lakhs to Rs. 50 lakhs.