Income Tax - Settlement Commission: It functions under the Ministry of Finance and allows the applicant an opportunity to undisclosed income and settle its cases. The taxpayer can approach the commission when his/her case is pending before a tax authority. The key reason for a taxpayer to approach the commission is the power of the commission to grant...
Read MoreIncome Tax - 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 MoreIncome Tax - 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 MoreIncome Tax - 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 MoreIncome Tax - 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 MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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 ...
Read MoreRaghuleela Builders Pvt Ltd Vs. Income Tax Settlement Commission (ITSC) (Bombay High Court) While disposing of these Petitions with the above clarifications, we may note that these Petitions have been filed challenging a somewhat curious and unforeseen development. We do not know in what circumstanc...
Read MoreMoin A Qureshi Vs CIT (Delhi High Court) - During the course of search, various documents, cash and jewellery were seized. Statements of the petitioner, his family members, employees and directors of associate companies were recorded under Section 132(4) of the Act. The petitioner had surrendered Rs.20 crores before Investigation Wing of the...
Read MoreDr. Prathap Chandra Reddy Vs Income Tax Settlement Commission Additional Bench (Madras High Court) - Dr. Prathap Chandra Reddy Vs Income Tax Settlement Commission (Madras High Court) Settlement Commission did not conduct an enquiry to satisfy itself that the stand taken by the PCIT by way of a supplementary report could be a valid ground to come to a conclusion that the assessee had made a fal...
Read MoreThe 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 MoreCommissioner 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 MoreNotification - 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...
Read MoreNotification 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 MoreNotification 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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Moin A Qureshi Vs CIT (Delhi High Court) -
Dr. Prathap Chandra Reddy Vs Income Tax Settlement Commission Additional Bench (Madras High Court) -
The Commissioner of Income Tax Vs. Income Tax Settlement Commission & Another (Bombay High Court) -
Commissioner of Income Tax Vs M/s Sai Prasad Properties Limited (Bombay High Court at Goa) -
CIT Vs Smt. Leonie M. Almeida (Bombay High Court) -
Notification - F. No. Q. 22013/1/2014-Ad.1C (AAR) - (27/03/2015) -