Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

SECTION 245A-SETTLEMENT COMMISSION-CASES WHICH CAN BE REFERRED TO SETTLEMENT COMMISSION

Income Tax - SETTLEMENT OF CASES - 01 - CASES WHICH CAN BE REFERRED TO SETTLEMENT COMMISSION SECTION: 245A CASE means any proceedings for assessment or reassessment of any previous year which is pending before an Assessing Officer on the date on which an application is made to settlement Commission under setting 245C: In assessment proceedings under section 143(3)/144. Case becomes pending under section 143(3)/144 on the date on which notice under section 143(2)/ show cause notice under section .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eedings under section 153A for the 6 Assessment Years immediately preceding the Assessment Year relevant to the previous year in which search is conducted. These proceedings shall be deemed to have commenced on the date on which notice under section 153A is issued. In assessment proceedings under section 143(3)/ 144 of the Assessment Year relevant to the previous year in which search is conducted. These proceedings shall be deemed to have commenced on the first day of the Assessment Year. As per .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the income tax Act, 1961) provides that proceeding for assessment or reassessment under section 147 of the Act is deemed to commence from the date of issue of notice under section 148 of the Act. Generally, it has been observed that the issue relating to escapement of income often involved is more than one assessment year. In such type of cases, the assessee becomes eligible to apply to settlement commission only for the assessment year for which notice u/s 148 has been issued. Therefore, to tak .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s well even if notice under section 148 for such other assessment years has not been issued. However, a return of income for such other assessment years should have been furnished under section 139 of the Act or in response to notice under section 142 of the Act. DEEMED DATE OF COMMENCEMENT OF PROCEEDINGS AND DEEMED DATE OF CONCLUSION OF PROCEEDINGS [Section- 245A] Existing Provisions The existing provision contained in clause (iv) of the Explanation to clause (b) of section 245A provides that a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r clause (iiia), shall be: Deemed to have commenced from the date on which a return of income is furnished under section 139 or in response to notice under section 142 and Deemed to have concluded on the date on which the assessment is made or on the expiry of two years from the end of relevant assessment years, in a case where no assessment is made. KEY NOTE: Application for settlement cannot be made for an assessment year which is not pending under section 143(3)/144/147/153A. Assessee shall m .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

related to the person referred to in (i) above and person referred in (i) above has filed settlement application Additional amount to income tax on the income disclosed in application exceeds ₹ 10 lakhs for 6 previous Years preceding the Previous Year in which search is conducted and for the Previous Year in which search is conducted. Related person means as defined in section 40A(2). A person shall be deemed to have a substantial interest in a business or profession, if- In a case where .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

inance Act, 2012) Other case i.e. 143(3)/ 144/ 147, the additional amount of income tax should exceed ₹ 10 lakh. ILLUSTRATION: There is a partnership firm ABC formed in year 2006 with partners A, B & C sharing profits/ losses equally. Mr. D was admitted on 10.6.2014 and profit sharing ratio of each partner is 25%. A raid was conducted on firm and its partners A, B, C & D on 2.7.2014. The Assessing Officer issued notice under section 153A to firm and partner A, B, C and D to file th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version