{"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":"67","heading":"Amendment of section 245-O","text":"Amendment of section 245-O. 67. In section 245-O of the Income-tax Act, for sub-sections (2), (3), (4) and (5), the following sub-sections shall be substituted with effect from the 1st day of October, 2014, namely:— \"(2) The Authority shall consist of a Chairman and such number of Vice-chairmen, revenue Members and law Members as the Central Government may, by notification, appoint. (3) A person shall be qualified for appointment as— (a) | Chairman, who has been a Judge of the Supreme Court; (b) | Vice-chairman, who has been Judge of a High Court; (c) | a revenue Member from the Indian Revenue Service, who is a Principal Chief Commissioner or Principal Director General or Chief Commissioner or Director General; (d) | a law Member from the Indian Legal Service, who is an Additional Secretary to the Government of India. (4) The terms and conditions of service and the salaries and allowances payable to the Members shall be such as may be prescribed. (5) The Central Government shall provide to the Authority with such officers and employees, as may be necessary, for the efficient discharge of the functions of the Authority under this Act. (6) The powers and functions of the Authority may be discharged by its Benches as may be constituted by the Chairman from amongst the Members thereof. (7) A Bench shall consist of the Chairman or the Vice-chairman and one revenue Member and one law Member. (8) The Authority shall be located in the National Capital Territory of Delhi and its Benches shall be located at such places as the Central Government may, by notification specify.\" © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b> Amendment of section 245-O.</b></p><p><b> 67.</b> In section 245-O of the Income-tax Act, for sub-sections (2), (3), (4) and (5), the following sub-sections shall be substituted with effect from the 1st day of October, 2014, namely:—</p><p>\"(2) The Authority shall consist of a Chairman and such number of Vice-chairmen, revenue Members and law Members as the Central Government may, by notification, appoint.</p><p><span class=\"num\">(3)</span> A person shall be qualified for appointment as—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>Chairman, who has been a Judge of the Supreme Court;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>Vice-chairman, who has been Judge of a High Court;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>a revenue Member from the Indian Revenue Service, who is a Principal Chief Commissioner or Principal Director General or Chief Commissioner or Director General;</td></tr><tr><td>(<i>d</i>)</td><td></td><td>a law Member from the Indian Legal Service, who is an Additional Secretary to the Government of India.</td></tr></table></div><p><span class=\"num\">(4)</span> The terms and conditions of service and the salaries and allowances payable to the Members shall be such as may be prescribed.</p><p><span class=\"num\">(5)</span> The Central Government shall provide to the Authority with such officers and employees, as may be necessary, for the efficient discharge of the functions of the Authority under this Act.</p><p><span class=\"num\">(6)</span> The powers and functions of the Authority may be discharged by its Benches as may be constituted by the Chairman from amongst the Members thereof.</p><p><span class=\"num\">(7)</span> A Bench shall consist of the Chairman or the Vice-chairman and one revenue Member and one law Member.</p><p><span class=\"num\">(8)</span> The Authority shall be located in the National Capital Territory of Delhi and its Benches shall be located at such places as the Central Government may, by notification specify.\"</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":274,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/67/","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."}