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of <h1>Section 144BA: Procedure for Declaring Impermissible Tax Arrangements under Chapter X-A, Effective April 1, 2013.</h1> Section 144BA of the Income-tax Act, effective from April 1, 2013, introduces a procedure for declaring an arrangement as an impermissible avoidance arrangement under Chapter X-A. The Assessing Officer can refer such cases to the Commissioner, who may issue a notice to the assessee for objections. If unsatisfied, the Commissioner can refer the matter to an Approving Panel. The Panel's directions are binding on the Assessing Officer. This section outlines procedures for hearings, inquiries, and timelines, and mandates that assessment orders involving Chapter X-A require the Commissioner's approval. The Board is empowered to establish rules and an Approving Panel for efficient processing.
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