Settlement Commission applications require prescribed disclosure and defined additional tax computation, with a filing bar after statutory seizure. Amendment to section 245C enables an assessee to apply to the Settlement Commission with a prescribed full disclosure to settle undisclosed income, subject to a monetary threshold. It prescribes calculation of the additional amount of income-tax by treating disclosed income as total income or by aggregating it with returned or assessed total income depending on filing and assessment status, then reducing the calculated tax by tax deducted at source, advance tax and taxes previously paid; multi-year disclosures are computed year-by-year and aggregated. A statutory waiting period after seizure bars making such an application.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Settlement Commission applications require prescribed disclosure and defined additional tax computation, with a filing bar after statutory seizure.
Amendment to section 245C enables an assessee to apply to the Settlement Commission with a prescribed full disclosure to settle undisclosed income, subject to a monetary threshold. It prescribes calculation of the additional amount of income-tax by treating disclosed income as total income or by aggregating it with returned or assessed total income depending on filing and assessment status, then reducing the calculated tax by tax deducted at source, advance tax and taxes previously paid; multi-year disclosures are computed year-by-year and aggregated. A statutory waiting period after seizure bars making such an application.
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