Amended and updated notes on section 245BD 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 Decision to be by majority.
Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245BD of IT Act 1961 provides for Decision to be by majority.
Recently, we have discussed in detail section 245BC (Power of Chairman to transfer cases from one Bench to another) of IT Act 1961. Today, we learn the provisions of section 245BD of Income-tax Act 1961. The amended provision of section 245BD 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 245BD 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-245BD: Decision to be by majority
If the Members of a Bench differ in opinion on any point, the point shall be decided according to the opinion of the majority, if there is a majority, but if the Members are equally divided, they shall state the point or points on which they differ, and make a reference to the Chairman who shall either hear the point or points himself or refer the case for hearing on such point or points by one or more of the other Members of the Settlement Commission and such point or points shall be decided according to the opinion of the majority of the Members of the Settlement Commission who have heard the case, including those who first heard it.
Provided that the provisions of this section shall not apply on or after the 1st day of February, 2021.
[Proviso of section 245BD inserted w.e.f. 1-February-2021 by the Finance Act 2021]