Page 59 - Union Budget_2019

Union Budget 2019

Such entries may be proved either by

• the production of the records or other documents in the custody of the authority containing such
entries; or

• the production of a copy of the entries certified by the authority having custody of the records or
other documents under its signature stating that it is a true copy of the original entries and that such
original entries are contained in the records or other documents in its custody.

This amendment will take effect from 1st September, 2019.

F) Prosecution upon sanction of the Competent Authority

The existing provisions of Section 55 of PBPT Act provide that, no prosecution shall be instituted against

any person in respect of any offence under the said Act without the previous sanction of the Board.

With a view to rationalise the provisions, it is proposed to amend the said section so as to provide that no
prosecution shall be instituted against any person in respect of any offence under the said Act without the

previous sanction of the competent authority.

“Competent Authority” means a Commissioner, a Director, a Principal Commissioner of Income-tax or a
Principal Director of Income-tax as defined under provisions of the Income-tax Act.

This amendment will take effect from 1st September, 2019.

11.4 Extension of tax concession to The Special Undertaking of the Unit Trust of India (SUUTI)

SUUTI is the successor of UTI and was mandated to liquidate Government liabilities on account of erstwhile

UTI. It was exempt from income-tax or any other tax on any income, profits or gains derived, or any amount
received in relation to specified undertaking till 31st March, 2019.

It is proposed to extend the exemption for a further period of two years till 31st March 2021.

This amendment will take effect retrospectively from 1st April 2019.

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