(1) Upon receipt of reference under rule 129, the Chairperson of the Approving Panel shall cause, —

(a) the reference to be circulated among the other members within seven days from the date of receipt of such reference; and

(b) a notice to be issued to both the Assessing Officer and the assessee, affording a reasonable opportunity of being heard, specifying therein the date and place of hearing.

(2) The meetings of the Approving Panel shall take place at such place as the Approving Panel may decide.