Section 50 of Finance Act 2018 : Amendment of section 245-O Income Tax Act

By | April 1, 2018
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(Last Updated On: April 16, 2018)

Section 50 of Finance Act 2018

[Section 50 of Finance Act 2018 deals with Amendment of section 245-O and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 245-O

50. In section 245-O of the Income-tax Act,—

(i)in sub-section (1), the following proviso shall be inserted, namely:—
Provided that the Authority shall cease to act as an Authority for Advance Rulings for the purposes of Chapter V of the Customs Act, 1962 (52 of 1962) on and from the date of appointment of the Customs Authority for Advance Rulings under section 28EA of that Act.”;
(ii)after sub-section (1), the following sub-section shall be inserted, namely:—
“(1A) On and from the date of appointment of the Customs Authority for Advance Rulings referred to in the proviso to sub-section (1), the Authority shall act as an Appellate Authority, for the purpose of Chapter V of the Customs Act, 1962 (52 of 1962):
Provided that the Authority shall not admit any appeal against any ruling or order passed earlier by it in the capacity of the Authority for Advance Rulings in relation to any matter under Chapter V of the Customs Act, 1962 (52 of 1962) after the date of such appointment of the Customs Authority for Advance Rulings.”;
(iii)after sub-section (7), the following proviso shall be inserted, namely:—
Provided that where the Authority is dealing with an application seeking advance ruling in any matter relating to this Act, the revenue Member of the Bench shall be such Member as referred to in sub-clause (i) of clause (c) of sub-section (3).”.

Finance Act 2018 : Assented by President : Download Print Notification

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