Taxpayers eligible to file application before SetCom as on 31-01-21 can file it before Interim Board by 30-9-21: CBDT
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- Last Updated on 9 September, 2021
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Press Release, dated 07-09-2021
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.
The Board has received several representations wherein it was stated that taxpayers were in advanced stages of filing their application before ITSC as on 01-02-2021. Further, the High Courts have also granted interim relief to taxpayers and directed revenue to accept their settlement application even after 01-02-2021. This has resulted in uncertainty and protracted litigation.
In order to provide relief to the taxpayers who were eligible to file application as on 31.01.2021, but could not file the same due to cessation of ITSC vide Finance Act, 2021, the CBDT has been 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.
It has been clarified by the board that the taxpayers who have filed such applications shall not have the option to withdraw such applications as per the provisions of section 245M. Further, the taxpayers, who have already filed an application for settlement as per the direction of the various High Courts, shall not be required to file such application again.
The legislative amendments in this regard shall be proposed in due course.
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