Home List Manuals Income TaxIncome Tax - Ready ReckonerOld - SETTLEMENT OF CASES This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
BINDING NATURE OF ORDER OF ITSC - Income Tax - Ready Reckoner - Income TaxExtract BINDING NATURE OF ORDER OF SETTLEMENT COMMISSION As per section 245I, the matters covered by the order of Settlement Commission cannot be reopened in any proceedings under the Income-tax Act or under any other law. Hence, the matters covered by the order of Settlement Commission cannot be reopened by issuing a notice under section 148 of the Income-tax Act. Also, such matters cannot be reopened under any other law. However section 245D provides that the settlement shall be declared void if it is subsequently found by the settlement Commission that the Settlement has been obtained by fraud or misrepresentation of facts. If the settlement becomes void as said above, the income tax proceedings in respect of matters covered by settlement shall be deemed to have been revived from the date the application for settlement. Notwithstanding anything contained in Income-tax Act, the Income-tax authority can complete such proceedings at any time before the expiry of 2 years from the end of Financial year in which the settlement became void. The order of Settlement Commission is final and conclusive and no appeal is possible against it. However, it can be challenged in the High Court through a writ petition and thereafter in Supreme Court through a Special Leave Petition.
|