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

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....r under section 119 of the Income-tax Act Vide the Finance Act, 2012, certain clarificatory amendments were introduced in clauses (14) and (47) of section 2, in clause (i) of sub-section (1) of section 9 and in section 195 of the Income-tax Act ("the Act"), with retrospective effect from 01.04.1962 in relation to transfer of assets. For the proper administration of these provisions of the Act, ....

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....ssessment or re-assessment in relation to the said income has been issued; or (iii) no proceeding under section 201 of the Act is pending, or no notice for initiation of such proceeding has been issued in relation to the said income, then, before proceeding with any action in relation to the said income, the Assessing Officer shall seek prior approval of the Committee for the proposed action....

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....Principal Commissioner or the Commissioner concerned and the assessee. The Committee shall endeavor to decide the reference within 60 days of its receipt by the Secretary of the Committee. However, the Committee shall have due regard to any limitation period involved in the proposed action. 5. The Assessing Officer shall thereafter proceed in accordance with the directions of the Committee. ....