Amendment of section 245N

Section 66 of the Finance Act, 2014 deals with amendment of section 245N. 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;

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.'.

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Section 66, The Finance Act, 2014 (Act 25 of 2014).