Settlement Commission

Discontinuance of Income-tax Settlement Commission

Service Tax - 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 [...

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Income Tax Search & Seizure Assessments & Settlement Commission

Service Tax - 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 pl...

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Detection of any undisclosed income subsequent to final order of ITSC

Service 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 T...

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Introduction of Income Tax Settlement Commission

Service Tax - The Income Tax Settlement Commission (ITSC) is a quasi-judicial body set up under the Income Tax Act. The objective of setting up of ITSC is to settle the tax liabilities in complicated cases, avoiding endless and prolonged litigation. The taxpayer can approach the ITSC during the pendency of assessment proceedings, subject to certain pre...

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Entry level requirements for filing Settlement Application

Service 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...

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Over 15000 Tax Disputes Involving Over 1.35 Lakhs Tax Proceedings Settled by Income Tax Settlement Commission

Service Tax - The Income Tax Settlement Commission, Ministry of Finance , has settled over 15000 tax disputes involving over 1.35 lakhs tax proceedings in its life time since 1976. In 2010-11, it passed 400 orders, in which it settled income amounting to 595 Crores, which was 187% over the returned income of 206 Crores in these cases. This was stated b...

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Vacancy in Posts of Member, Settlement Commission (Income Tax / Wealth Tax)

Service Tax - The Ministry of Revenue has intimated that some posts of Members of the Settlement Commission are vacant and due to be filled shortly. As per the Settlement Commission (Income Tax/ Wealth Tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairman and Members) Amendment Rules, 2007 applicable to the said post, only serving Chie...

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One-time settlement scheme will not absolve Loan defaulters from criminal prosecution

Service Tax - Loan defaulters will now find it difficult to rid themselves of all their liabilities through the one-time settlement scheme. Public sector lenders plan to insert a clause that will bar them from withdrawing criminal cases against private persons, irrespective of a settlement....

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HC cannot interfere when Settlement Commission remanded matter back to Adjudicating Authority

Diksat Transworld Limited Vs Commissioner of Service Tax (Madras High Court) - When the Commission itself categorically made a finding that it was not possible to settle the matter and documents and evidences were to be examined by the Adjudicating Authority, then there was no much scope for the High Court to interfere with the orders passed and by sending the matter back to t...

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Disclosure of additional income before settlement commission is allowed: HC

PCIT Vs Shankarlal Nebhumal Uttamchandani (Gujarat High Court) - Additional income disclosed to the tune of Rs. 12 Crore by assessee during the course of proceedings before the Commission was just and proper and Commission was right in considering the revised offer made by assessee during the course of the proceedings in the nature of spirit of settlement....

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AO cannot do reassessment after assessment by Settlement Commission

Komalkant Faikirchand Sharma Vs DCIT (Gujarat High Court) - 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, asses...

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Section 245H(1A) Settlement Commissioner can grant further time for payment

Sandeep Singh Vs Union of India And Ors (Supreme Court) - We find from the provision that the Settlement Commissioner is free to grant further time for payment, under Section 245H(1A) of the Income Tax Act, 1961 5. Having heard the learned senior counsel for the appellant and learned Additional Solicitor General appearing for the respondents, we are of ...

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Commissioner cannot revise order in respect of issue not adjudicated by Settlement Commission

Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court) - Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court) On reading the provisions contained in Chapter XIX-A of the Act, a clear picture that emerges is that an assessee can apply for settlement of a case as long as same is pending. Once such an application is filed (and in case of application filed ...

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Revised selection criteria for appointment of Chairman, Vice-Chairman and members of SetCom

Notification - 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 de...

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All the info /material furnished by assessee before Settlement Commission to be sent to CIT to enable him issue his report

Notification 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....

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Recent Posts in "Settlement Commission"

HC cannot interfere when Settlement Commission remanded matter back to Adjudicating Authority

Diksat Transworld Limited Vs Commissioner of Service Tax (Madras High Court)

When the Commission itself categorically made a finding that it was not possible to settle the matter and documents and evidences were to be examined by the Adjudicating Authority, then there was no much scope for the High Court to interfere with the orders passed and by sending the matter back to the Adjudicating Authority, assessee woul...

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Discontinuance of Income-tax Settlement Commission

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 [...

Read More
Posted Under: Service Tax |

Income Tax Search & Seizure Assessments & Settlement Commission

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 pl...

Read More
Posted Under: Service Tax |

Detection of any undisclosed income subsequent to final order of ITSC

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 T...

Read More
Posted Under: Service Tax |

Introduction of Income Tax Settlement Commission

The Income Tax Settlement Commission (ITSC) is a quasi-judicial body set up under the Income Tax Act. The objective of setting up of ITSC is to settle the tax liabilities in complicated cases, avoiding endless and prolonged litigation. The taxpayer can approach the ITSC during the pendency of assessment proceedings, subject to certain pre...

Read More
Posted Under: Service Tax |

Disclosure of additional income before settlement commission is allowed: HC

PCIT Vs Shankarlal Nebhumal Uttamchandani (Gujarat High Court)

Additional income disclosed to the tune of Rs. 12 Crore by assessee during the course of proceedings before the Commission was just and proper and Commission was right in considering the revised offer made by assessee during the course of the proceedings in the nature of spirit of settlement....

Read More

AO cannot do reassessment after assessment by Settlement Commission

Komalkant Faikirchand Sharma Vs DCIT (Gujarat High Court)

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. ...

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Section 245H(1A) Settlement Commissioner can grant further time for payment

Sandeep Singh Vs Union of India And Ors (Supreme Court)

We find from the provision that the Settlement Commissioner is free to grant further time for payment, under Section 245H(1A) of the Income Tax Act, 1961 5. Having heard the learned senior counsel for the appellant and learned Additional Solicitor General appearing for the respondents, we are of the view that in the facts and circumsta...

Read More

Commissioner cannot revise order in respect of issue not adjudicated by Settlement Commission

Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court)

Mandhana Industries Ltd Vs Pr. CIT (Bombay High Court) On reading the provisions contained in Chapter XIX-A of the Act, a clear picture that emerges is that an assessee can apply for settlement of a case as long as same is pending. Once such an application is filed (and in case of application filed before […]...

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Amount taxed by Settlement Commission in the hands of directors of assessee company cannot be taxed again in assessee’s hands

B. Nanji Enterprise Ltd.Vs Dy. IT (Gujarat High Court)

These Tax Appeals involved two assessees but the facts being closely similar, the Income Tax Appellate Tribunal had dealt with the departments appeals by a common judgment, which is impugned in these Tax Appeals...

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