Income Tax : The article discusses the establishment of the Internal Board of Settlement (IBS) under the Income Tax Act of 1961, its role in re...
Income Tax : Dont miss your last chance to submit an application to Settlement Commission by 30.09.2021! Learn more about this opportunity and ...
Income Tax : Budget 2021- It is proposed to discontinue Income-tax Settlement Commission (ITSC) and to constitute Interim Board of settlement f...
Income Tax : Finance Bill 2021- Paradigm Shift In The Provisions Relating To Income Tax Search And Seizure Assessments And Income Tax Settlemen...
Income Tax : Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the...
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 : Saddled with huge tax arrears of Rs 2,50,000 crore -- more than half of the total tax collection projected for 2010-11 -- finance ...
Income Tax : The Income Tax Settlement Commission, even after commencing the proceedings, is empowered to examine the authenticity of such full...
Income Tax : No separate database regarding the outstanding demand against Multi-National Company (MNCs) as a separate category or class is mai...
Income Tax : Supreme Court refused to interfere with the High Court ruling that treated settlement applications filed before 31.03.2021 as vali...
Income Tax : The court ruled that settlement applications filed between 01.02.2021 and 31.03.2021 remain valid since the Finance Act, 2021 took...
Income Tax : Rajasthan High Court reverses Settlement Commission's dismissal for missing records, stating assessee not involved in reconstructi...
Income Tax : Madras HC upholds deemed pendency of settlement applications before March 31, 2021, under Clause [iv] of S.245A, affirming Single ...
Income Tax : Delhi HC reviews immunity granted by the IT Settlement Commission to Standard Farms and others, focusing on the satisfaction of co...
Income Tax : In order to avoid genuine hardship to assessees authorizes the Commissioner of Income-tax, posted as Secretary to the Settlement C...
Income Tax : 4, Retirement from parent service on appointment as Chairman or Vice-Chairman or Member.— (1) Where, a Member, on the date of...
Income Tax : Notification No. 5/2014-Income Tax All the material and other information produced by the assessee before the Settlement Commissio...
Income Tax : 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...
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.
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.
Supreme Court upheld an order by Settlement Commission granting immunity from penalty and prosecution, emphasizing importance of full disclosure and cooperation.
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 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 commenced during those years. As a result, the court upheld the decision of the Income Tax Settlement Commission to deem the petitioner’s application under Section 245C(1) invalid for those assessment years.
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.
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
Dont miss your last chance to submit an application to Settlement Commission by 30.09.2021! Learn more about this opportunity and how it impacts taxpayers.
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 […]
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 plunged into deepest […]
