Insertion of new section 144BA.

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...., then, he may make a reference to the Commissioner in this regard.       (2) The Commissioner shall, on receipt of a reference under sub-section (1), if he is of the opinion that the provisions of Chapter X-A are required to be invoked, issue a notice to the assessee, setting out the reasons and basis of such an opinion, for submitting objections, if any, and providing an opportunity of being heard to the assessee within such period, not exceeding sixty days, as may be specified in the notice.       (3) If the assessee does not furnish any objection to the notice within the time specified in the notice issued under sub-section (2), the Commissioner shall issue such directions as it de....

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....       (8) The Approving Panel may, before issuing any direction under sub-section (6),-            (i)  if it is of the opinion that any further inquiry in the matter is necessary, direct the Commissioner to make such further inquiry or cause to make such further inquiry to be made by any other income-tax authority and furnish a report containing the results of such inquiry to it; or            (ii)  call for and examine such records related to the matter as it deems fit; or            (iii) require the assessee to furnish such document and eviden....