Amended and updated notes on section 266 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 Execution for costs awarded by Supreme Court.
Chapter XX (Sections 246 to 269) of the Income Tax Act 1961 deals with the provisions related to appeals and revision . Section 266 of IT Act 1961 provides for Execution for costs awarded by Supreme Court.
Recently, we have discussed in detail section 265 (Tax to be paid notwithstanding reference, etc.) of IT Act 1961. Today, we learn the provisions of section 266 of Income-tax Act 1961. The amended provision of section 266 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 266 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-266: Execution for costs awarded by Supreme Court
The High Court may, on petition made for the execution of the order of the Supreme Court in respect of any costs awarded thereby, transmit the order for execution to any court subordinate to the High Court.