Income Tax Settlement Commission

Streamlining Tax Dispute Resolution: Rise of Internal Board of Settlement in India

Income Tax - The article discusses the establishment of the Internal Board of Settlement (IBS) under the Income Tax Act of 1961, its role in resolving tax disputes, and its impact on taxpayers. The article also highlights alternative settlement mechanisms available after the abolishment of the Income Tax Settlement Commission in India....

Last Opportunity to submit an application to Settlement Commission till 30.09.2021!

Income Tax - Last Opportunity to submit an application to Settlement Commission till 30.09.2021! CBDT through a press release dated 07 September 2021, has allowed taxpayers an opportunity to file application for settlement. The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (Act) to inter alia provide that the Income-tax Sett...

Discontinuance of Income-tax Settlement Commission

Income Tax - Budget 2021- It is proposed to discontinue Income-tax Settlement Commission (ITSC) and to constitute Interim Board of settlement for pending cases. The various amendments proposed are as under: ITSC shall cease to operate on or after 1st February, 2021 No application under section 245C of the Act for settlement of cases shall be made on [...

Income Tax Search & Seizure Assessments & Settlement Commission

Income Tax - Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlement Commission Introduction:- The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Budget 2021 is aimed at reviving an economy that pl...

Detection of any undisclosed income subsequent to final order of ITSC

Income Tax - Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct T...

Vacancy Circular for filing up vacant posts in various Benches of Income Tax Settlement Commission-reg.

Income Tax - The CBDT has indicated vide letter dated 25.11.2011 that there are several vacant/ likely to be vacant posts in the Benches of the Income Tax Settlement Commission at Delhi, Chennai, Kolkota and Mumbai. Download CBDT letter dated 25.11.2011...

Budget 2011- Pranab Mukherjee likely to bring Major change in direct tax laws

Income Tax - Saddled with huge tax arrears of Rs 2,50,000 crore -- more than half of the total tax collection projected for 2010-11 -- finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that co...

Full and true disclosure of undisclosed income and their manner of acquisitions is mandatory for settlement

Income Tax - The Income Tax Settlement Commission, even after commencing the proceedings, is empowered to examine the authenticity of such full and true disclosure of the unaccounted return of the assessees, said the apex court dismissing the plea of real estate major Ajmera Housing Corporation and others....

Taxes Outstanding Against Multi-National Company

Income Tax - No separate database regarding the outstanding demand against Multi-National Company (MNCs) as a separate category or class is maintained. However, the total outstanding demand against companies as on 1.4.2009 was Rs. 75,509 crore out of which Rs. 9748 core was recovered during F.Y. 2009-10. The balance demand includes demand locked-up ...

Kerala HC Upholds Rejection by Income Tax Settlement Commission for Inadequate Income Disclosure

R. J. Williams Vs ACIT (Kerala High Court) - Kerala High Court dismisses a writ petition for failing to meet Section 245C(1) of the Income Tax Act, emphasizing full and true income disclosure....

Delhi HC Closes Writ Amid NCLT’s Corporate Insolvency Resolution Process

CIT Vs Income Tax Settlement Commission & Anr. (Delhi High Court) - Delhi High Court closes writ petition as the CIT's claim is rejected during Corporate Insolvency Resolution Process (CIRP) before NCLT. Get insights into the judgment....

Addition Unwarranted as Settlement Commission Accepted Surrendered Amount

ACIT Vs Shyamsunder R. Agrawal (ITAT Ahmedabad) - ITAT Ahmedabad held that addition towards unexplained expenditure unsustainable as impugned amount has already been surrendered by the firm and accepted by the Settlement Commission....

AO cannot reopen assessment u/s. 148 when order u/s. 245D is passed by Income Tax Settlement Commission

ACIT Vs Pradip Overseas Ltd (ITAT Ahmedabad) - ITAT Ahmedabad held that once the Income Tax Settlement Commission has passed final order u/s. 245D of the Income Tax Act, AO has no jurisdiction to reopen the same u/s. 148 of the Income Tax Act....

SC upheld Settlement Commission order granting penalty & prosecution immunity

Kotak Mahindra Bank Limited Vs CIT (Supreme Court of India) - Supreme Court upheld an order by Settlement Commission granting immunity from penalty and prosecution, emphasizing importance of full disclosure and cooperation....

CBDT notifies authority for accepting Income Tax settlement application

Order No. F.No. 299/22/2021-Dir (Inv. III) / 174 - (28/09/2021) - In order to avoid genuine hardship to assessees authorizes the Commissioner of Income-tax, posted as Secretary to the Settlement Commission prior to 01.02.2021, to admit an application for settlement on behalf of the Interim Board filed after 31.01.2021...

Revised selection criteria for appointment of Chairman, Vice-Chairman and members of SetCom

Notification - F. No. Q. 22013/1/2014-Ad.1C (AAR) - (27/03/2015) - 4, Retirement from parent service on appointment as Chairman or Vice-Chairman or Member.— (1) Where, a Member, on the date of his appointment to the Commission, was in service under the Central Government, he shall seek retirement from such service before joining the Commission, and shalt be de...

All the info /material furnished by assessee before Settlement Commission to be sent to CIT to enable him issue his report

Notification No. 5/2014-Income Tax - (15/01/2014) - Notification No. 5/2014-Income Tax All the material and other information produced by the assessee before the Settlement Commission shall be sent to the Commissioner to enable him to furnish the report under sub-section (3) of section 245D....

Income-tax Settlement Commission (Procedure) Amendment Rules, 2010

Notification No. G.S.R. 820(E)-Income Tax - (06/10/2010) - Notification No. G.S.R. 820(E)-Income Tax In exercise of the powers conferred by sub-section (7) of section 245F of the Income-tax Act, 1961 (43 of 1961), the Income-tax Settlement Commission hereby makes the following further amendments in the Income-tax Settlement Commission (Procedure) Rules, 199...

Recent Posts in "Income Tax Settlement Commission"

Kerala HC Upholds Rejection by Income Tax Settlement Commission for Inadequate Income Disclosure

R. J. Williams Vs ACIT (Kerala High Court)

Kerala High Court dismisses a writ petition for failing to meet Section 245C(1) of the Income Tax Act, emphasizing full and true income disclosure....

Delhi HC Closes Writ Amid NCLT’s Corporate Insolvency Resolution Process

CIT Vs Income Tax Settlement Commission & Anr. (Delhi High Court)

Delhi High Court closes writ petition as the CIT's claim is rejected during Corporate Insolvency Resolution Process (CIRP) before NCLT. Get insights into the judgment....

Addition Unwarranted as Settlement Commission Accepted Surrendered Amount

ACIT Vs Shyamsunder R. Agrawal (ITAT Ahmedabad)

ITAT Ahmedabad held that addition towards unexplained expenditure unsustainable as impugned amount has already been surrendered by the firm and accepted by the Settlement Commission....

AO cannot reopen assessment u/s. 148 when order u/s. 245D is passed by Income Tax Settlement Commission

ACIT Vs Pradip Overseas Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that once the Income Tax Settlement Commission has passed final order u/s. 245D of the Income Tax Act, AO has no jurisdiction to reopen the same u/s. 148 of the Income Tax Act....

SC upheld Settlement Commission order granting penalty & prosecution immunity

Kotak Mahindra Bank Limited Vs CIT (Supreme Court of India)

Supreme Court upheld an order by Settlement Commission granting immunity from penalty and prosecution, emphasizing importance of full disclosure and cooperation....

Settlement Commission Order cannot be set-aside Without Re-determination of undisclosed income

Shree Nilkanth Developers Vs PCIT (Supreme Court of India)

Supreme Court held that while setting aside the order of Settlement Commission, High Court could have remanded the matter to the Settlement Commission for re-consideration and re-determination of undisclosed income. It is unjust to set aside the order of Settlement Commission without re-determination of undisclosed income....

In absence of Section 148 notice Section 245C(1) settlement application was invalid

Bishan Das Goyal HUF Vs Pr. Commissioner Of Income Tax (Delhi High Court)

In the case being analyzed, the Delhi High Court referred to Explanation (i) to Clause (b) of Section 245A to determine whether the proceedings for assessment or reassessment had commenced for the assessment years 2012-13, 2013-14, and 2014-15. The court concluded that based on a plain reading of the explanation, no such proceedings had c...

Streamlining Tax Dispute Resolution: Rise of Internal Board of Settlement in India

The article discusses the establishment of the Internal Board of Settlement (IBS) under the Income Tax Act of 1961, its role in resolving tax disputes, and its impact on taxpayers. The article also highlights alternative settlement mechanisms available after the abolishment of the Income Tax Settlement Commission in India....

Posted Under: Income Tax |

CBDT notifies authority for accepting Income Tax settlement application

Order No. F.No. 299/22/2021-Dir (Inv. III) / 174 28/09/2021

In order to avoid genuine hardship to assessees authorizes the Commissioner of Income-tax, posted as Secretary to the Settlement Commission prior to 01.02.2021, to admit an application for settlement on behalf of the Interim Board filed after 31.01.2021...

Last Opportunity to submit an application to Settlement Commission till 30.09.2021!

Last Opportunity to submit an application to Settlement Commission till 30.09.2021! CBDT through a press release dated 07 September 2021, has allowed taxpayers an opportunity to file application for settlement. The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (Act) to inter alia provide that the Income-tax Sett...

Posted Under: Income Tax |

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