CBDT authorised CIT to admit and process application filed before Interim Board by extended due date of 30-09-21
- Blog|News|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 30 September, 2021
Latest from Taxmann
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
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
