{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"66","heading":"Amendment of section 245N","text":"Amendment of section 245N. 66. In section 245N of the Income-tax Act, with effect from the 1st day of October, 2014,— (A) | in clause (a),— (I) | in sub-clause (ii), at the end, the word \"or\" shall be inserted; (II) | after sub-clause (ii) and before long line, the following sub-clause shall be inserted, namely:— \"(iia) | a determination by the Authority in relation to the tax liability of a resident applicant, arising out of a transaction which has been undertaken or is proposed to be undertaken by such applicant,\"; (B) | in clause (b), after sub-clause (ii), the following sub-clause shall be inserted, namely:— \"(iia) | is a resident referred to in sub-clause (iia) of clause (a) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or\"; (C) | for clause (f), the following clauses shall be substituted, namely:— '(f) | \"Member\" means a Member of the Authority and includes the Chairman and Vice-chairman; (g) | \"Vice-chairman\" means the Vice-chairman of the Authority.'. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b> Amendment of section 245N.</b></p><p><b> 66.</b> In section 245N of the Income-tax Act, with effect from the 1st day of October, 2014,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>in clause (<i>a</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in sub-clause (<i>ii</i>), at the end, the word \"or\" shall be inserted;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>after sub-clause (<i>ii</i>) and before long line, the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iia</i>)</td><td></td><td>a determination by the Authority in relation to the tax liability of a resident applicant, arising out of a transaction which has been undertaken or is proposed to be undertaken by such applicant,\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>B</i>)</td><td></td><td>in clause (<i>b</i>), after sub-clause (<i>ii</i>), the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iia</i>)</td><td></td><td>is a resident referred to in sub-clause (<i>iia</i>) of clause (<i>a</i>) falling within any such class or category of persons as the Central Government may, by notification in the Official Gazette, specify; or\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>C</i>)</td><td></td><td>for clause (<i>f</i>), the following clauses shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>f</i>)</td><td></td><td>\"Member\" means a Member of the Authority and includes the Chairman and Vice-chairman;</td></tr><tr><td>(<i>g</i>)</td><td></td><td>\"Vice-chairman\" means the Vice-chairman of the Authority.'.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":183,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/66/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}