India - Income Tax Act 2010 - Saarc

1.955 CH. XXIII - MISCELLANEOUS S. 297sub-section (7) of section 245F, the Authority for Advance Rulings under section245V and the Appellate Tribunal under sub-section (5) of section 255] and54[every notification issued before the 1st day of June, 2007 under sub-clause (iv)of clause (23C) of section 10] to be laid as soon as may be after the rule is madeor the notification is issued before each House of Parliament while it is in session,for a total period of thirty days, which may be comprised in one session or in twoor more successive sessions, and if, before the expiry of the session immediatelyfollowing the session or the successive sessions aforesaid, both Houses agree inmaking any modification in the rule or notification or both Houses agree that therule or notification should not be made or issued, that rule or notification shallthereafter have effect, only in such modified form or be of no effect, as the casemay be; so, however, that any such modification or annulment shall be withoutprejudice to the validity of anything previously done under that rule or notification.]]Repeals and savings.297. (1) The Indian Income-tax Act, 1922 (11 of 1922), is hereby repealed.(2) Notwithstanding the repeal of the Indian Income-tax Act, 1922 (11 of 1922)(hereinafter referred to as the repealed Act),—(a) where a return of income has been filed before the commencementof this Act by any person for any assessment year, proceedings for theassessment 55 of that person for that year may be taken and continuedas if this Act had not been passed;(b) where a return of income is filed after the commencement of this Actotherwise than in pursuance of a notice under section 34 of therepealed Act by any person for the assessment year ending on the 31stday of March, 1962, or any earlier year, the assessment of that personfor that year shall be made in accordance with the procedurespecified in this Act;(c) any proceeding pending on the commencement of this Act before anyincome-tax authority, the Appellate Tribunal or any court, by way ofappeal, reference, or revision, shall be continued and disposed of asif this Act had not been passed;(d) where in respect of any assessment year after the year ending on the31st day of March, 1940,—(i) a notice under section 34 of the repealed Act had been issuedbefore the commencement of this Act, the proceedings inpursuance of such notice may be continued and disposed of as ifthis Act had not been passed;(ii) any income chargeable to tax had escaped assessment within themeaning of that expression in section 147 and no proceedingsunder section 34 of the repealed Act in respect of any such income54. Substituted for “every notification issued under sub-clause (iv) of clause (23C) of section10” by the Finance Act, 2007, w.e.f. 1-6-2007.55. For the meaning of the expression “proceedings for the reassessment”, see Taxmann’sDirect Taxes Manual, Vol. 3.