Sec 144C(1) requires that the AO shall, notwithstanding anything
to the contrary contained in this Act, in the first instance, forward a draft
of the proposed order of assessment (hereinafter in this section referred to as
the draft order) to the eligible assessee if he proposes to make, on or after
the 1st day of October, 2009, any variation in the income or loss returned
which is prejudicial to the interest of such assessee.”
Position
before this circular: Earlier, as per para 45.5 of Circular no.
05/2010 dated 03-06-2010, provisions of Section 144C was to be applied in
relation to the AY 2010-11 and subsequent assessment years.
Clarification
by CBDT: Vide
Circular No. 09/2013 dated 19-11-2013, CBDT has clarified that section 144C is
applicable to any order which proposes to make variation in income or loss
returned by an eligible assessee, on or after 1st October, 2009 irrespective
of the assessment year to which it pertains.
Rahul Jain
rahuljain@rpmd.in
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