Amended and updated notes on section 265 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 Tax to be paid notwithstanding reference, etc.
Chapter XX (Sections 246 to 269) of the Income Tax Act 1961 deals with the provisions related to appeals and revision . Section 265 of IT Act 1961 provides for Tax to be paid notwithstanding reference, etc.
Recently, we have discussed in detail section 264B (Faceless effect of orders) of IT Act 1961. Today, we learn the provisions of section 265 of Income-tax Act 1961. The amended provision of section 265 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 265 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-265: Tax to be paid notwithstanding reference
Notwithstanding that a reference has been made to the High Court or the Supreme Court or an appeal has been preferred to the Supreme Court, tax shall be payable in accordance with the assessment made in the case.