Income Tax Settlement Commission

Entry level requirements for filing Settlement Application

Custom Duty - Pre- Conditions for filing Settlement Application- Pendency of the ‘Case’ - 245A(b)- Assessments must be pending or deemed to be pending (in case where reopening is permissible but notice has not been issued) before the Assessing Officer at the time of filing settlement application...

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Budget 2015- Amendment related to Settlement Commission

Custom Duty - The existing provision contained in clause (b) of section 245A of the Act defines a case for the purpose of Chapter XIX-A as any proceeding for assessment under this Act, of any person in respect of any assessment year or assessment years which may be pending before an Assessing Officer on the date on which an application under sub-sectio...

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All about Income Tax Settlement Commission

Custom Duty -  CA Tarannum Khatri  Tax Settlement Commission, a quasi judicial body, was set up under section 245B of Income-tax Act 1961. It has been set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as Wanchoo Committee). The objective of setting up of this Commission is to settle the tax liabilities [&he...

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Procedure for Filing Income Tax Settlement Application- Admission, Validation and settlement of the Application

Custom Duty - Procedure for Filing Settlement Application Settlement application is to be filed only in the prescribed Form No.34-B notified under the Income Tax Rules, 1962. The form has to be signed by the applicant himself. The Form has to be properly filled up. An incomplete Form is liable to be rejected. In order to be admitted by ...

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Income Tax Settlement Commission – Frequently Asked Questions

Custom Duty - 1. What is meant by Settlement in respect of tax disputes? How is it different from the appellate process? Settlement of disputes relating to Income Tax and Wealth Tax is based on the objective of dispute resolution Alternate. It is in the nature of mediation or arbitration. The Settlement orders passed by the Income Tax Settlement Commis...

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

Custom Duty - 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...

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

Custom Duty - 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...

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

Custom Duty - 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....

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Taxes Outstanding Against Multi-National Company

Custom Duty - 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 ...

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Suo Motu Rectification of order passed u/s 245D(4) on debatable issue by Settlement Commission not valid

The Commissioner of Income Tax Vs. Income Tax Settlement Commission & Another (Bombay High Court) - This Petition under Article 226 of the Constitution of India, challenges an order dated 2nd December, 2016 passed by the Settlement Commission (Commission) under Section 245 D(6B) of the Income Tax Act, 1961 (the Act)....

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Settlement Application cannot be admitted without considering objections raised by CIT

Commissioner of Income Tax Vs M/s Sai Prasad Properties Limited (Bombay High Court at Goa) - It was held by Hon’ble High Court of Bombay and Goa in the case of CIT V/s M/s Sai Prasad Properties Limited that an application under section 245D(2C) of the Act has to be disposed of after considering the objections raised by CIT...

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Interest demand u/s 220(2) till admission of application by Settlement Commission is valid

CIT Vs Smt. Leonie M. Almeida (Bombay High Court) - Position that interest can be charged pursuant to proceedings in normal course up to the date of decision u/s 245D(1) of the Income Tax Act to proceed with the application appears to be prevailing. ...

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Income Tax Settlement Commission cannot admit application made u/s 245C in absence of satisfaction being recorded from the report of Commissioner

CIT Vs Income Tax Settlement Commission (ITSC) (Bombay High Court) - The error in the order of the Commission in the present case lies in permitting the application to proceed without that satisfaction being recorded by the Commission, which is a fundamental aspect which goes to the root of its jurisdiction to entertain an application under Section 245C....

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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 deem...

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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....

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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...

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Recent Posts in "Income Tax Settlement Commission"

Suo Motu Rectification of order passed u/s 245D(4) on debatable issue by Settlement Commission not valid

The Commissioner of Income Tax Vs. Income Tax Settlement Commission & Another (Bombay High Court)

This Petition under Article 226 of the Constitution of India, challenges an order dated 2nd December, 2016 passed by the Settlement Commission (Commission) under Section 245 D(6B) of the Income Tax Act, 1961 (the Act)....

Read More

Entry level requirements for filing Settlement Application

Pre- Conditions for filing Settlement Application- Pendency of the ‘Case’ - 245A(b)- Assessments must be pending or deemed to be pending (in case where reopening is permissible but notice has not been issued) before the Assessing Officer at the time of filing settlement application...

Read More
Posted Under: Custom Duty |

Settlement Application cannot be admitted without considering objections raised by CIT

Commissioner of Income Tax Vs M/s Sai Prasad Properties Limited (Bombay High Court at Goa)

It was held by Hon’ble High Court of Bombay and Goa in the case of CIT V/s M/s Sai Prasad Properties Limited that an application under section 245D(2C) of the Act has to be disposed of after considering the objections raised by CIT...

Read More

Interest demand u/s 220(2) till admission of application by Settlement Commission is valid

CIT Vs Smt. Leonie M. Almeida (Bombay High Court)

Position that interest can be charged pursuant to proceedings in normal course up to the date of decision u/s 245D(1) of the Income Tax Act to proceed with the application appears to be prevailing. ...

Read More

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 deemed to have so retired on the date of his...

Read More

Budget 2015- Amendment related to Settlement Commission

The existing provision contained in clause (b) of section 245A of the Act defines a case for the purpose of Chapter XIX-A as any proceeding for assessment under this Act, of any person in respect of any assessment year or assessment years which may be pending before an Assessing Officer on the date on which an application under sub-sectio...

Read More
Posted Under: Custom Duty |

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....

Read More

Income Tax Settlement Commission cannot admit application made u/s 245C in absence of satisfaction being recorded from the report of Commissioner

CIT Vs Income Tax Settlement Commission (ITSC) (Bombay High Court)

The error in the order of the Commission in the present case lies in permitting the application to proceed without that satisfaction being recorded by the Commission, which is a fundamental aspect which goes to the root of its jurisdiction to entertain an application under Section 245C....

Read More

All about Income Tax Settlement Commission

 CA Tarannum Khatri  Tax Settlement Commission, a quasi judicial body, was set up under section 245B of Income-tax Act 1961. It has been set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as Wanchoo Committee). The objective of setting up of this Commission is to settle the tax liabilities [&he...

Read More
Posted Under: Custom Duty |

Procedure for Filing Income Tax Settlement Application- Admission, Validation and settlement of the Application

Procedure for Filing Settlement Application Settlement application is to be filed only in the prescribed Form No.34-B notified under the Income Tax Rules, 1962. The form has to be signed by the applicant himself. The Form has to be properly filled up. An incomplete Form is liable to be rejected. In order to be admitted by ...

Read More
Posted Under: Custom Duty |
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