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 : 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 : Delve into the crucial judgment of Orchid Infrastructure Developers Pvt Ltd Vs PCIT, where the Delhi High Court ruled against reop...
Income Tax : Kerala High Court dismisses a writ petition for failing to meet Section 245C(1) of the Income Tax Act, emphasizing full and true i...
Income Tax : Delhi High Court closes writ petition as the CIT's claim is rejected during Corporate Insolvency Resolution Process (CIRP) before ...
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...
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.
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 in appeals before CITs (Appeal), ITATs, High Courts and Supreme Courts.
U/s 245A(b), as amended by the Finance Act 2007 w.e.f. 1.6.2007, pendency of proceedings for assessment before the AO for one or more assessment years is a necessary condition for invoking the jurisdiction of the Settlement Commission. Held in that context by Five Member Bench of the ITSC that: (a) For the year for which returns have been filed but have neither been processed u/s 143(1) of the Act nor notices have been issue u/s. 143(2) of the Act, the proceeding for assessment can be said to be pending
