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The application filed by the revenue u/s 158A(b) pertains to the procedure where an identical question of law is pending before High Courts or the Supreme Court. The provision stipulates a procedure under which, upon the assessee's consent as provided under sub-section (3) of Section 158AB, any legal proceedings are kept in abeyance. Depending on the outcome of the pending proceedings, a decision appropriate to the case is permitted to initiate proceedings against the assessee as contemplated under sub-sections (4) and (5). The respondent/assessee issued a letter of acceptance to the applicant/revenue, acknowledging that the question of law in the other case is identical to the present case. After perusing the provisions of Section 158AB, Rule 16 of the Income Tax Rules, 1962, and the record annexing Form 8A, the application needs to be accepted as consented by the respondent/assessee.
The application filed by the revenue u/s 158A(b) pertains to the procedure where an identical question of law is pending before High Courts or the Supreme Court. The provision stipulates a procedure under which, upon the assessee's consent as provided under sub-section (3) of Section 158AB, any legal proceedings are kept in abeyance. Depending on the outcome of the pending proceedings, a decision appropriate to the case is permitted to initiate proceedings against the assessee as contemplated under sub-sections (4) and (5). The respondent/assessee issued a letter of acceptance to the applicant/revenue, acknowledging that the question of law in the other case is identical to the present case. After perusing the provisions of Section 158AB, Rule 16 of the Income Tax Rules, 1962, and the record annexing Form 8A, the application needs to be accepted as consented by the respondent/assessee.
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