“income tax settlement commission”
The decision most relied on for income tax settlement commission is III v. Vineeta Gupta (46 Taxmann.com 439), cited in 60 judgments on BharatTax.
Leading authorities on income tax settlement commission
A declaration made by another party before the Income Tax Settlement Commission is not binding on the assessee, and no addition can be made in the assessee's assessment in the absence of independent material connecting the assessee to the transaction.
The scope of proceedings before the Income-tax Settlement Commission under Chapter XIX-A is sui generis, primarily for disclosure and akin to arbitration, and not an appellate forum to examine complex legal disputes.
The case of CIT v. Anjum M.H. Ghaswala (SC) is authority for the proposition that the Settlement Commission's power regarding waiver of interest under sections 234A, 234B, and 234C of the Income Tax Act can be exercised in relation to the Central Board of Direct Taxes (CBDT).
An addition to income cannot be made solely on the basis of income offered by an assessee before the Settlement Commission if there is no incriminating material. Information provided to the Settlement Commission, even if admitted under section 245D, can only be used for settlement purposes and not for other proceedings.
Different expressions within a statute must be interpreted to have distinct meanings. This principle is relevant to understanding the definition of 'specified previous year' under Section 271AAB of the Income Tax Act, particularly concerning the phrase 'in which search was conducted'.
Income offered to tax under a settlement application with the Income Tax Settlement Commission cannot be taxed again in the hands of the assessee, as the settlement order by its statutory scheme is final.
Penalty proceedings do not fall within the ambit of Section 245E of the Income-tax Act, and the Settlement Commission exceeds its jurisdiction if it drops penalty proceedings while deciding a settlement application.
Once an application for settlement is made under Section 245C(1) and accepted by the Income Tax Settlement Commission (ITSC), and a final order is passed under Section 245D(4), the Assessing Officer loses jurisdiction to reopen the assessment. An order under Section 245D(4) is distinct from a regular assessment under Sections 143(1), 143(3), or 144.