Rule 129 sets the steps before and after a General Anti Avoidance Rule reference: the Assessing Officer's notice with five items, the reference in Form No. 62, the Commissioner's satisfaction and directions in Form No. 63, and a reference to the Approving Panel in Form No. 64 in four sets.
129
Rules 2026 · Rule 129
Notice and Forms for reference under section 274
Rules 77-130
Notice (sub-rules 1 and 2). Before referring to the Commissioner under section 274(1), the Assessing Officer issues a notice seeking the assessee's objections on the applicability of Chapter XI, containing: details of the arrangement; the tax benefit; the basis and reason for considering that its main purpose is to obtain a tax benefit; the basis and reasons why it satisfies the conditions in section 179(1)(a) to (d); and the list of documents and evidence relied on for those last two.
Reference and directions (sub-rules 3 and 4). The reference is in Form No. 62. Where the Commissioner is satisfied that Chapter XI need not be invoked, the Commissioner records that satisfaction and issues directions to the Assessing Officer in Form No. 63, after considering the reference or the assessee's reply to the section 274(2) notice.
Reference to the Approving Panel (sub-rules 5 and 6). Before referring to the Approving Panel under section 274(4), the Commissioner records satisfaction in Form No. 64 and, where the assessee is an entity in an International Financial Services Centre, seeks a specific factual report in writing from the International Financial Services Centres Authority. The reference is made in Form No. 64, with other documents as deemed fit, all in four sets, in Hindi or English.