CBDT authorised CIT to admit and process application filed before Interim Board by extended due date of 30-09-21
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Order F.no. 299/22/2021-DIR (INV. III)/174, dated 28-09-2021
The Finance Act, 2021 has discontinued the Income-tax Settlement Commission (‘ITSC’). The ITSC ceased to operate on or after 01-02-2021. In order to dispose of pending cases, the Govt. has constituted Interim Board for Settlement vide Notification no. 91/2021, dated 10-08-2021. The taxpayers have given the option to withdraw their application within the specified time and intimate the Assessing Officer (AO) about such withdrawal.
In order to provide relief to the taxpayers who were eligible to file an application as on 31-01-2021, but could not file the same due to cessation of ITSC vide Finance Act, 2021, the CBDT vide Press Release, dated 07-09-2021 has decided that applications for settlement can be filed by 30-09-2021 before the Interim Board on subject to fulfillment of following conditions:
a) The assessee was eligible to file an application for settlement on 31.01.2021 for the assessment years for which the application is sought to be filed; and
b) All the relevant assessment proceedings of the assessee are pending as on the date of filing the application for settlement.
Now, the board has authorized the Commissioner of Income-tax (CIT), posted as Secretary to the Settlement Commission prior to 01-02-2021, to admit such application for settlement on behalf of the Interim Board and treat applications as valid and process them.
Click Here To Read the Full Order
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