Quick Summary
1. Finance Act, 2021 introduced a new chapter XIX-AA in the Act consisting of section 245MA for constituting Dispute Resolution Committee (DRC) for specified persons who may opt for dispute resolution under the said section and who fulfil specified conditions mentioned in the said section. 2. Aft
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FAQ :
Section 245MA, introduced by the Finance Act 2021, allows for the constitution of a Dispute Resolution Committee (DRC) to resolve tax disputes for specified persons who meet certain conditions.
The previous provisions did not explicitly enable the Assessing Officer to pass an order giving effect to the resolutions or directions of the Dispute Resolution Committee.
Budget 2022 proposes inserting a new sub-section to enable the Assessing Officer to pass an order that gives effect to the dispute resolution by the DRC.
This amendment will take effect from 1st April 2022.
Yes, a taxpayer can opt for either the Dispute Resolution Panel under section 144C or the DRC under section 245MA, and the Assessing Officer will issue a final order in line with the DRC's decision if that route is chosen.
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