In order to dispose off the pending settlement purposes as of 31.01.2021, the Central Government has constituted an Interim Board for Settlement (hereinafter known as the “Interim Board”), vide Notification no. 91 of 2021 dated 10.08.2021. The taxpayers, within the pending circumstances, have the choice to withdraw their purposes throughout the specified time and intimate the
Amid the technical glitches within the e-portal, the Central Board of Direct Taxes (CBDT), on Tuesday, prolonged the time for taxpayers to file purposes for settlement to the Interim Board for Settlement until September 30.
Central Board of Direct Taxes (CBDT) in an official assertion mentioned, “The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on which the Finance Bill, 2021 was laid before the Lok Sabha.”
In order to dispose off the pending settlement purposes as of 31.01.2021, the Central Government has constituted an Interim Board for Settlement (hereinafter known as the “Interim Board”), vide Notification no. 91 of 2021 dated 10.08.2021. The taxpayers, within the pending circumstances, have the choice to withdraw their purposes throughout the specified time and intimate the
Talking concerning the motive for the extension, CBDT mentioned, “It has been represented that a number of taxpayers were in advanced stages of filing their application for settlement before the ITSC as on 01.02.2021. Further, some taxpayers have approached High Courts requesting that their applications for settlement may be accepted. In some cases, the Hon’ble High Courts have given interim relief and directed acceptance of applications of settlement even after 01.02.2021. This has resulted in uncertainty and protracted litigation,” CBDT added.
In order to supply reduction to the taxpayers who have been eligible to file purposes as of 31.01.2021, however couldn’t file the identical on account of cessation of ITSC vide Finance Act, 2021, it has been determined that purposes for settlement may be filed by the taxpayers by thirtieth September 2021 earlier than the Interim Board if the next circumstances are happy. The assessee was eligible to file an utility for settlement on 31.01.2021 for the evaluation years for which the appliance is sought to be filed (related evaluation years), and all of the related evaluation proceedings of the assessee are pending as of the date of submitting the appliance for settlement, added the assertion.