Clause 55 - Insertion of new section 144C

Dispute resolution panel issues binding directions on assessments, enabling expedited objection resolution within prescribed timelines.

A new Dispute Resolution Panel process requires the Assessing Officer to forward any draft order proposing a variation prejudicial to the assessee; the assessee has thirty days to accept or object. If accepted or no objection is filed, the AO completes assessment within one month after acceptance or expiry. If objections are filed, the Panel considers materials, may make enquiries, and may confirm, reduce or enhance variations. Panel directions are binding, must be issued within nine months, and the AO must complete assessment within one month of receipt of directions without further opportunity to the assessee. The Panel is a three-Commissioner collegium; eligible assessees include cases from transfer pricing orders and foreign companies.