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 : 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 : The Bombay High Court upholds the discretion of the Income Tax Settlement Commission, stressing that it should not be reviewed as ...
Income Tax : Once it is seen that the disclosure was not full and truthful, the ITSC loses its jurisdiction to entertain such an application as...
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...
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).
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
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
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.
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 joining the Commission. (2) On retirement as specified under sub-rule (1), the Member
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-section (1) of section 245C is made. The Explanation to the said clause provides for deemed commencement of proceedings under different situations.
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.
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.
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 the Commission, full amount of tax is to be paid alongwith interest payable till the date of admission The application can be made personally or by post. The applicant or his authorized representative can make application in person. Application can also be sent by registered post addressed to the Secretary. However in case of a postal application, the date of receipt in the Commission shall be treated as date of application.
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 Commission are final and conclusive in nature.
