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...
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 Tax […]
Chapter XIX-A of the Act pertains to settlement of cases. Under sub-section (1) of section 245C of the Act, an assessee at any stage of a case relating to him can make an application for settlement in the prescribed manner.
CIT Vs M.A. Jacob & Company (Madras High Court) The order passed on the Settlement Applications filed by the assessee is dated 07.01.2000. The second order of ITSC was passed on 19.02.2004. After those orders passed by ITSC on the issue in question, concerning the assessee, in the year 2010, the Honourable Supreme Court had […]
Find out how the Income Tax Settlement Commission (ITSC) can help settle tax liabilities and avoid lengthy litigation.
Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View The scheme of Settlement of cases under the Income Tax Act’1961 is governed by Sections 245A to 245M contained in ‘Chapter XIX-A: Settlement of Cases’. In the common parlance, it is believed that the settlement of cases is a […]
Explore the role and functioning of the Income Tax Settlement Commission in resolving complex tax cases and reducing litigation.
M3M India Holdings Pvt. Ltd Vs ITSC (P&H High Court) For purposes of making an application for settlement, a case i.e. an assessment would be pending till such time as the assessment order is served upon the assessee. The assessee is entitled to proceed on the basis that till the service of the assessment order, […]
Since there was an order of the Settlement Commission under section 245D(4) in relation to the assessment year in respect of which assessment was sought to be reopened, AO had no jurisdiction to reopen the assessment as once an order had been passed under section 245D by Settlement Commission, assessment for year stood concluded.
Raghuleela 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 circumstances the Chairman flew down to Mumbai and invited the members […]
Discover the benefits of the Alternative Dispute Resolutions Forum: settle tax cases, gain immunity from penalties and prosecutions, and resolve disputes efficiently.
