Amended and updated notes on section 245BB of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances.
Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245BB of IT Act 1961 provides for Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances.
Recently, we have discussed in detail section 245BA (Jurisdiction and powers of Settlement Commission) of IT Act 1961. Today, we learn the provisions of section 245BB of Income-tax Act 1961. The amended provision of section 245BB is effective for financial year 2020-21 relevant to the assessment year 2021-22.
In this article, you will learn detail of the provisions of section 245BB of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-245BB: Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances
Section 245BB(1) of Income Tax Act
In the event of the occurrence of any vacancy in the office of the Chairman by reason of his death, resignation or otherwise, the Vice-Chairman or, as the case may be, such one of the Vice-Chairmen as the Central Government may, by notification in the Official Gazette, authorise in this behalf, shall act as the Chairman until the date on which a new Chairman, appointed in accordance with the provisions of this Chapter to fill such vacancy, enters upon his office.
Section 245BB(2) of Income Tax Act
When the Chairman is unable to discharge his functions owing to absence, illness or any other cause, the Vice-Chairman or, as the case may be, such one of the Vice-Chairmen as the Central Government may, by notification in the Official Gazette, authorise in this behalf, shall discharge the functions of the Chairman until the date on which the Chairman resumes his duties.