Determination of tax liability for resident applicants expanded; Government may notify resident classes and membership definitions clarified. Amendment expands section 245N to allow the Authority to determine tax liability of resident applicants arising from transactions undertaken or proposed by them, authorises the Central Government to notify classes of resident persons to which this applies, and revises definitions to clarify that Member includes the Chairman and Vice chairman and that Vice chairman means the Vice chairman of the Authority.
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Provisions expressly mentioned in the judgment/order text.
Determination of tax liability for resident applicants expanded; Government may notify resident classes and membership definitions clarified.
Amendment expands section 245N to allow the Authority to determine tax liability of resident applicants arising from transactions undertaken or proposed by them, authorises the Central Government to notify classes of resident persons to which this applies, and revises definitions to clarify that Member includes the Chairman and Vice chairman and that Vice chairman means the Vice chairman of the Authority.
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