India - Income Tax Act 2010 - Saarc

1.671 CH. XIV - PROCEDURE FOR ASSESSMENT S. 145(8) The Dispute Resolution Panel may confirm, reduce or enhance the variationsproposed in the draft order so, however, that it shall not set aside any proposedvariation or issue any direction under sub-section (5) for further enquiry andpassing of the assessment order.(9) If the members of the Dispute Resolution Panel differ in opinion on any point,the point shall be decided according to the opinion of the majority of themembers.(10) Every direction issued by the Dispute Resolution Panel shall be binding onthe Assessing Officer.(11) No direction under sub-section (5) shall be issued unless an opportunity ofbeing heard is given to the assessee and the Assessing Officer on such directionswhich are prejudicial to the interest of the assessee or the interest of the revenue,respectively.(12) No direction under sub-section (5) shall be issued after nine months from theend of the month in which the draft order is forwarded to the eligible assessee.(13) Upon receipt of the directions issued under sub-section (5), the AssessingOfficer shall, in conformity with the directions, complete, notwithstandinganything to the contrary contained in section 153, the assessment withoutproviding any further opportunity of being heard to the assessee, within onemonth from the end of the month in which such direction is received.(14) The Board may make rules 97a for the purposes of the efficient functioningof the Dispute Resolution Panel and expeditious disposal of the objections filedunder sub-section (2) by the eligible assessee.(15) For the purposes of this section,—(a) “Dispute Resolution Panel” means a collegium comprising of threeCommissioners of Income-tax constituted by the Board 97b for thispurpose;(b) “eligible assessee” means,—(i) any person in whose case the variation referred to in sub-section(1) arises as a consequence of the order of the Transfer PricingOfficer passed under sub-section (3) of section 92CA; and(ii) any foreign company.]98[Method of accounting. 99145. (1) Income chargeable under the head “Profits and gains of business orprofession” or “Income from other sources” shall, subject to the provisionsof sub-section (2), be computed in accordance with either cash or mercantilesystem of accounting regularly 99 employed by the assessee.97a. See Income-tax (Dispute Resolution Panel) Rules, 2009.97b. For relevant Notifications, see Taxmann’s Master Guide to Income-tax Act.98. Substituted by the Finance Act, 1995, w.e.f. 1-4-1997. Prior to its substitution, section 145,was amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988/1-4-1989and the Finance Act, 1990, w.r.e.f. 1-4-1989.99. For Instruction No. 1310, dated 26-2-1980 and Circular No. 491, dated 30-6-1986, seeTaxmann’s Master Guide to Income-tax Act. For relevant case laws, see Taxmann’s MasterGuide to Income-tax Act. For the meaning of the term “regularly”, see Taxmann’s DirectTaxes Manual, Vol. 3.