Rule-making power expanded to include inventory valuation and appeal authority extended to Joint Commissioner or Commissioner. Amendment expands the rule-making power in section 295(2) of the Income-tax Act to include inventory valuation alongside audit, and substitutes the expression referring solely to the Commissioner (Appeals) with one that contemplates the Joint Commissioner (Appeals) or the Commissioner (Appeals); the amendment is stated to take effect from 1st April, 2023.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rule-making power expanded to include inventory valuation and appeal authority extended to Joint Commissioner or Commissioner.
Amendment expands the rule-making power in section 295(2) of the Income-tax Act to include inventory valuation alongside audit, and substitutes the expression referring solely to the Commissioner (Appeals) with one that contemplates the Joint Commissioner (Appeals) or the Commissioner (Appeals); the amendment is stated to take effect from 1st April, 2023.
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