Income Tax : CBDT hasd vide Notification No. 129/2021-Income Tax dated 01.11.2021 and under section 245D (11) & 245D (12) of the Income-tax...
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 : Find out how the Income Tax Settlement Commission (ITSC) can help settle tax liabilities and avoid lengthy litigation....
Income Tax : The Income Tax Settlement Commission, Ministry of Finance , has settled over 15000 tax disputes involving over 1.35 lakhs tax proc...
Income Tax : The Ministry of Revenue has intimated that some posts of Members of the Settlement Commission are vacant and due to be filled shor...
Finance : Loan defaulters will now find it difficult to rid themselves of all their liabilities through the one-time settlement scheme. Publ...
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 : ITAT Ahmedabad held that addition towards unexplained expenditure unsustainable as impugned amount has already been surrendered by...
Income Tax : Supreme Court upheld an order by Settlement Commission granting immunity from penalty and prosecution, emphasizing importance of ...
Income Tax : Supreme Court held that while setting aside the order of Settlement Commission, High Court could have remanded the matter to the S...
Excise Duty : Customs, Central Excise & Service Tax Settlement Commission – A Filip to Alternative Dispute Resolution Mechanism for ex...
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...
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.
A holding company is not liable for provident dues of a Subsidiary Company. Workmen of subsidiary Company are not workmen of holding Company. It was held that holding company is not liable for wages of its subsidiary company which was under winding up.
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
There are many bulk sections have been removed in Central Excise and Custom from this Budget, 2015. Reasons behind these bulk amendments are that these sections have become redundant. These sections have already get expired and now government think about these expired section and delete these. These sections are similar in Central Excise and Custom.
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.
Once an application for admission u/s 245C is filed before the Hon’ble Settlement Commission, then the said application must be dealt with in accordance with law, i.e., refer to the contentions of the petitioners, the contention of the Revenue and then an objective, considered and a reasoned decision has to be taken.
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.
The budget for the financial year 2013-14 took a hard hand by drastically amending the penal provisions relating to the offences under the Central Excise and Service Tax law. Though these provisions are harsh in the way making certain offences as cognizable and non-bailable, but, these amendments seems to restore the charm of Settlement Commission. How? To have an answer to this question, let’s have a close look on the relevant amendments and their implications.
