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SETTLEMENT COMMISSION UNDER INCOME TAX ACT, 1961 –PROCEDURE

Income Tax - Direct Tax Code - DTC - By: - Mr. M. GOVINDARAJAN - Dated:- 9-2-2016 - Chapter XIX A of the Income Tax Act, 1961 ( Act for short) deals with the establishment of Settlement Commission, its procedure, powers etc., According to Section 245C of the Act an assessee is entitled to make an application for settlement. The application has to be made in such form and such manner as may be prescribed. The application must contain- A full and true disclosure of the assessee s income which has .....

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ssion on receipt of an application under Section 245C. On receipt of the application the Settlement Commission is required to issue a notice to the applicant requiring him to explain as to why the application made by him is allowed to be proceeded with, within seven days from the date of receipt of the application; On hearing the application the Commission is required to allow or reject the application within a period of 14 days from the date of the application by an order in writing. Where no o .....

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may, on the basis of the report and within a period of 15 days from the date of the receipt of report, by an order in writing declare the application in question as invalid after giving an opportunity to the applicant of being heard; Such an order is to be sent to the applicant and the Commissioner; Where such report has not been furnished with the specified period the Commission is to proceed further in the matter without the report of the Commissioner; In respect of an application which has n .....

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a report within the said period, the Commission may proceed to pass order without such report; The Commission, after examination of the records and the report of the Commissioner, if any received and after giving an opportunity to the application and to the Commissioner to be heard, pass such order as it thinks, in accordance with the provisions of the Act on the matters covered by the application and any other matter relating to the case not covered by the application but referred to in the re .....

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dings shall be deemed to have been revived from the stage at which the application was allowed to be proceeded with by the Commission and the Income Tax Authority concerned may complete such proceedings at any time before the expiry of two years from the end of the financial year in which the settlement becomes void. Provisional attachment Section 245DD gives powers to the Commission to attach property. The said section provides that where, during the pendency of any proceeding before it, the Se .....

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cessary to reopen any proceedings connected with the case but which has been completed with the concurrence of the applicant may reopen the proceedings and pass such order as it thinks fit. If the period between the end of the assessment year to which such a proceeding relates and the date of application for settlement under section 245C exceeds nine years no proceedings shall be reopened. No proceeding shall be reopened where application is filed on or after 01.06.2007. Additional powers Sectio .....

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on may, if it is satisfied that any person who made the application for settlement under section 245C has co-operated with the Settlement Commission in the proceedings before it and has made a full and true disclosure of his income and the manner in which such income has been derived, grant to such person, subject to such conditions as it may think fit to impose, for the reasons to be recorded in writing immunity from prosecution for any offence under this Act or under the Indian Penal Code (45 .....

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