Amended and updated notes on section 245BC 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 Power of Chairman to transfer cases from one Bench to another.
Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245BC of IT Act 1961 provides for Power of Chairman to transfer cases from one Bench to another.
Recently, we have discussed in detail section 245BB (Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances) of IT Act 1961. Today, we learn the provisions of section 245BC of Income-tax Act 1961. The amended provision of section 245BC is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 245BC 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-245BC: Power of Chairman to transfer cases from one Bench to another
On the application of the assessee or the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner and after notice to them, and after hearing such of them as he may desire to be heard, or on his own motion without such notice, the Chairman may transfer any case pending before one Bench, for disposal, to another Bench.
Provided that the provisions of this section shall not apply on or after the 1st day of February, 2021.
[Proviso of section 245BC inserted w.e.f. 1-February-2021 by the Finance Act 2021]