Order under section 119 of the Income tax Act -Constitution of High Level committee

Retrospective transfer taxation: prior committee approval required before initiating assessment action on deemed India sourced income.

Where an Assessing Officer considers that income is deemed to accrue or arise in India before the specified date because of retrospective amendments and no assessment, reassessment or section 201 proceeding or notice is pending or issued, the Assessing Officer must seek prior approval of the constituted Committee by reference through the Principal Commissioner or Commissioner and forward a copy of the reference to the assessee; the Committee will examine the proposed action, provide the assessee an opportunity to be heard, decide in writing and convey directions to the Assessing Officer.