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Originally the Central Board of Revenue was responsible for both direct and indirect taxes, but it was split into the CBDT and the CBEC. With effect from which date did this bifurcation take effect, and under which Act's Section 3?
Answer & Solution
Correct answer: C.
1. The lesson cites a precise bifurcation date.
2. The split between CBDT and CBEC took effect from 1st January 1964.
3. The bifurcation was effected by constituting the two Boards under Section 3 of the Central Boards of Revenue Act, 1963.
4. The 1962, 1947 and 2017 anchors do not correspond to the bifurcation event.
_Source: ICSI CS Executive Paper 4 (Tax Laws) — Lesson 1: Direct Taxes — At a Glance, pp. 10-22._
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