The Finance Minister, Nirmala Sitharaman while announcing the Budget 2021-22 has proposed to replace Authority of Advance Ruling (AAR) with Board for Advance Rulings.
The government in order to ensure faster disposal of cases, proposed to replace the Authority for Advance Rulings with a Board for Advance Rulings.
It is also proposed to provide appeal against the order of such a Board to the High Court.
The Government has proposed to insert section “245-OB of the Income-tax Act.
As per section 245-OB, the Central Government shall constitute one or more Boards for Advance Rulings, as may be necessary, for giving advance rulings under this Chapter on or after such date as the Central Government may, by notification in the Official Gazette, appoint.
It further provided that the Board for Advance Rulings shall consist of two members, each being an officer not below the rank of Chief Commissioner, as may be nominated by the Board.
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