These are the latest notifications issued by CBDT on Income Tax which have been published recently. The notifications are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
S.O. 5602(E).—WHEREAS, section 71 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) (hereinafter referred to as the Benami Act) states that the Central Government may, by notification, provide that until the Adjudicating Authorities are appointed and the Appellate Tribunal is established under the Benami Act, the Adjudicating Authority appointed under sub-section (1) of section 6 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to as the PML Act) and the Appellate Tribunal established under section 25 of the PML Act may discharge the functions of the Adjudicating Authority and Appellate Tribunal, respectively, under the Benami Act;
AND, whereas, the Central Government, in exercise of the powers conferred under section 71 of the Benami Act has appointed the Adjudicating Authority and established the Appellate Tribunal under the provisions of the PML Act vide notification number S.O. 3288 (E), dated 25th October,2016 with effect from 1 st day of November, 2016;
AND, whereas, on appointment of the Adjudicating Authority and establishment of the Appellate Tribunal under the Benami Act, the Adjudicating Authority and the Appellate Tribunal notified under section 71 of the Benami Act shall cease to discharge the functions under the Benami Act, and whereas, there shall be a time gap between the appointment of the Adjudicating Authority and establishment of the Appellate Tribunal under the Benami Act and discharging the functions of the said Authority and the said Appellate Tribunal under the Benami Act;
AND, whereas, a difficulty has arisen in respect of the reference and appeal filed under the Benami Act which are pending before the Adjudicating Authority and the Appellate Tribunal respectively and in respect of receiving references from the Initiating Officer by the Adjudicating Authority and filing of appeal