Section 147 of the income tax act has been introduced in order to provide a scope for reassessment or recomputation of income that might not have been reported to the regulatory authorities for several reasons. Basically meant to provide a corrective mechanism for errors in reporting of income, the act defines the powers and the duties of the Assessing Officer (AO) in terms of assessment or reassessment of income and the subsequent proceedings to be followed. A key point to note here is that section 147 of income tax act mentions several other sections that are to be followed by the Assessing Officer in conjunction with the core framework laid out in sec 147 of income tax act.
Let us demystify the jargons and technicalities of section 147 of the Income tax act.
Explanation of key terms mentioned in Section 147
Getting the key concepts in place such as income escaping assessment, assessment, and reassessment provides the basic groundwork required to understand further details of section 147 of income tax act.- Income escaping assessment (IEA) The term ‘income escaping assessment’ refers to income that has not been reported in the Income Tax Return (ITR) or assessed by the tax officials during a particular assessment year. There are a variety of reasons why an income may have escaped the assessment process - undisclosed income, misreported income, claim of excess deductions and relief, and incorrect assessment. The scenario of undisclosed income occurs when a resident Indian taxpayer fails to report a part of his income in his Income Tax Returns. This may arise due to intentional non-disclosure, incorrect understanding of taxation laws, or oversight. The case of misreported income arises when income is underreported due to computation errors or due to intentional reasons resulting in some income sources not being reported. There could be circumstances in which the income tax assessee claims reliefs and deductions over and above the permissible limit due to malafide intentions or due to a lack of understanding of taxation rules. The above reasons primarily concern the taxpayer but there could be a case where the income was reported correctly but there was an error in the assessment process. As a result, a taxpayer is liable to pay a lesser income tax.
- Assessment and reassessment Both these terms refer to the methodology of calculation and recalculation for assessing the correct tax liability for a resident taxpayer. Specifically, ‘assessment’ means the validation of a taxpayer’s Income Tax Return by the tax officials for determining the appropriate tax due. Reassessment is the recomputation of a taxpayer’s tax liability and is initiated by the Income Tax Department when there is a reason to believe that certain sources of income have escaped the tax assessment process. This can be initiated under several circumstances - when the taxpayer has has not disclosed a source of an income in his income tax return, when there is an error or a mistake on the part of income tax authorities or taxpayer in the assessment process, or when a tax return has not been filed by a taxpayer but it is believed that income has been generated which will attract taxes and other penalties due to non-reporting.
Also Read: Tax Deducted At Source: Meaning, Returns, Filing And Due Dates
Types of assessment
- Categories While mentioning ‘assessments’, income tax section 147 essentially refers to several buckets of assessments such as self-assessment, preliminary assessment, regular assessment, and special assessment. An income earned in a financial year is self-assessed by a taxpayer in the following year called assessment year (AY). For example, when Mr. A earns an income of ₹20 lakh in FY 2021-22, he assesses the appropriate income, calculates the tax liability in an Income Tax Return in AY 2022-23, and subsequently pays the tax due. This process is called self-assessment. After this income is reported through self-assessment and the tax return filed, the Income Tax Department conducts basic checks and validation for calculation errors and incorrect claims without any in-depth scrutiny. This is referred to as preliminary assessment. Regular assessment happens after the taxpayer has filed his tax return and preliminary assessment. Here, the tax returns and supporting documents are verified by the tax official for ensuring that the income is reported correctly and the tax has been paid accordingly. Regular assessment is further subdivided into scrutiny assessment and best judgement assessment. Special assessment subsequently branches out into income escaping assessment under section 147 and assessment in continuation of search under sections 153(A) - 153(C).
- Examples It is likely that the income may not get assessed correctly during the initial stages of tax assessments either intentionally or unintentionally. If it comes to the attention of the Assessing Officer (AO) that an income on which tax would be due is missing from the tax returns, the Assessing Officer can reopen the tax assessment case for reassessing the individual income tax returns under sec 147 of income tax act. This reassessment can be done any number of times subject to the provisions of the income tax section 147. Theoretically, income from any source earned by a resident Indian taxpayer that has not been reported and assessed for income tax is deemed to have escaped tax assessment. For instance, if Mrs. D earns an income of ₹17 lakh in FY 2019-20 but declares an income of ₹15 lakh in her tax return in AY 2020-21, an income of ₹2 lakh has escaped assessment. In a similar fashion, Mr. K, if a proprietor earns ₹11 lakh in FY 2021-22 but does not report any income in AY 2022-23, then the entire income of ₹11 lakh has escaped assessment.
In view of the above cases, section 147 of income tax act confers upon the Assessing Officer to reassess any income that has escaped assessment with a view to bringing in regulatory fairness. However, such reassessments might result in lengthy courtroom battles and therefore, several amendments have been and changes have been introduced to income tax section 147 for addressing such regulatory convolutions and concerns.
Key amendments introduced in section 147 by the Finance Act, 2021:
Sections 147 - 149 have been replaced with new sections 147, 148, 148(A), and 149 of the Income tax Act by the Finance Act 2021. Also, sections 153(A) - 153(C) have been subsumed under income tax section 147. A new section 148A stipulates that the Assessing Officer must conduct an inquiry and give the taxpayer an opportunity of being heard before issuing a notice. This is a significant step because it provides the Assessing Officer concrete and material facts through the reply of the taxpayer based on which the officer can decide whether to pursue reassessment procedures. Before this amendment, the Assessing Officer could recheck any assessment case if he had a reason to believe that the reported income had escaped assessment. After this amendment, the Assessing Officer needs to consider material facts and information instead of relying on judgement which removes any discretion and bias available to the Assessing Officer.Amendments to section 147 by the Finance Act, 2022:
These amendments were specifically with regards to changing the time limits available for assessment, recomputation, and reassessment of taxes reported to the Income Tax Department. Up to AY 2017-18, the changed time limit for completion of assessment is within 21 months from the end of the Assessment Year in which income was first assessable. For AY 2018-19, AY 2019-20, AY 2020-21, AY 2021-22 onwards, the deadline for wrapping up the assessment procedure has been stipulated with 18 months, 12 months, 18 months, and 9 months respectively from the end of the Assessment Year in which income was first assessable.Reassessment procedure to be followed under section 147?
As per section 147 of income tax act, the following process is to be followed by the Assessing Officer in the case of reassessment of income:- Determining the income that has escaped assessment This process begins, when, during the regular assessment, the Assessing Officer comes to know of income that has not been reported in the income tax return, and therefore has escaped assessment. The reason to believe must be based on identifiable evidence recorded in a taxpayer’s income tax return. Generally, such reasons to believe would be discrepancies in the tax returns.
- Recording of evidence Material facts, representations, responses, and additional supporting evidence furnished by the taxpayer is to be recorded accurately by the Assessing Officer whether or not he has a reason to believe that the taxpayer’s income has escaped assessment. The written records must point towards the fact that there is sufficient evidence necessary for reopening the reassessment case.
- Approval from higher authority If the Assessing Officer has a reason to believe that an income has escaped assessment based on the responses of the taxpayer, he can proceed with the further investigation via issuing a notice to the taxpayer under section 148 by passing an order with prior approval from a higher authority.
- Issuance of notice After the necessary approvals are in place and material facts recorded, the Assessing Officer can issue a notice to the taxpayer under section 148. This notice serves the purpose of an intimation to a resident taxpayer that their case of reassessment is being reopened. Usually, a timeframe of 30 days is granted to the taxpayer to file a revised tax return.
- Filing of return In the revised return filed by the individual, specific concerns raised by the Assessing Officer must be addressed and unreported or misreported income in the original return should be included or rectified.
- Assessment by the Assessing Officer The Assessing Officer checks the revised return filed by the taxpayer. He can ask the taxpayer to furnish additional supporting evidence or clarification wherever necessary.
- Draft Assessment Order After examining the revised return and supporting materials provided by the taxpayer, if the Assessing Officer is of the view that there is an additional tax liability, then he creates a draft assessment order which is reviewed and approved internally by a higher official.
- Issuance of show cause notice The taxpayer is issued a show cause notice that gives him the right to clarify why the additional tax liability, as assessed by the Assessing Officer, should not be imposed on the taxpayer.
- Hearing A hearing is organised for the taxpayer before the tax officials so that he can present his case and offer his explanation along with supporting documents for buttressing his argument of why the revised tax liability assessed by the Assessing Officer is incorrect.
- Final Assessment Order After hearing out the taxpayer’s case, the Assessing Officer passes a final judgement of sorts known as the Final Assessment Order. The Final Assessment Order lists out the income that escaped assessment in the original return and the revised tax liability along with penalties (if any).
- Appeal by the taxpayer After the final assessment order is passed and received by the taxpayer, he has the right to appeal against the order before the tax authorities usually within a time limit of 30 days.
Also Read: What is Advance Tax Payment? - Guide to Advance Tax in India
Other related provisions to section 147
Section 148 - 153 are closely related to section 147 of the Income tax act and together with section 147, they provide a detailed set of guidelines for implementing the reassessment of income tax. Section 148 mentions several points regarding the issuance of notice whenever the income has escaped assessment while section 148(A) protects the rights of the taxpayer by offering him the opportunity to be heard by the tax authorities. Section 148(B) and 151 establishes the appropriate approval matrix for passing reassessment and recomputation orders. Under section 149, a specific time limit of maximum three years after the relevant assessment year has been mandated post which no notice can be issued under section 148. An exception to the above rule is that a notice can be issued under section 148 up to 10 years after the relevant assessment year if the Assessing Officer has documentary evidence of an asset, expenditures, or books of accounts in his possession that point to income chargeable to tax. The scope of technological efficiency has been kept in mind while designing the guidelines and this reflects under section 151(A) which states that the Central Government may issues further directions regarding assessment, reassessment, computation, show cause notices, conducting inquiries, or passing of orders that reduce the face to face interaction between the tax authorities and the taxpayer, promote the optimisation of resources, and establish team-based assessments with a flexible jurisdiction. Section 152 clarifies that the tax liability will be computed on rates at which it would have been originally computed had the income not escaped assessment.Reassessment of income is a complex process involving several rounds of clarification sought from a taxpayer. In order to understand income tax section 147, the taxpayer can visit the website of the Income Tax Department as well as consult a tax professional for better advice.
FAQS – FREQUENTLY ASKED QUESTIONS
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What is section 147 of the Income tax act, 1961 ?
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If a taxpayer disagrees with the reassessment of the Income Tax Office, what options are available to him ?
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Can a taxpayer appeal against a reassessment order that is passed after opening an assessment under section 147 ?
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Under section 147, can cases that are beyond three years be reopened by the Assessing Officer ?
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What to do if a taxpayer realises that there is a mistake in his original return and he wants to avoid a notice under section 147 ?
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Is there a possibility of a refund when a reassessment is carried out ?
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After a taxpayer has received a notice for reassessment, what should he do ?
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Is the Assessing Officer liable to furnish the reasons for reassessment to a taxpayer ?
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What are some tips for taxpayers to be compliant ?
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Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.
We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.
If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com
Use of Cookies
You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.