Power to settle tax cases is not vested in commissioners; settlement lies with Settlement Commission and penalties are waivable. No power to settle cases is vested in Commissioners under the Income-tax Act; settlement is the remit of the Settlement Commission. Powers under section 273A permit waiver or reduction of penalties and interest only after statutory conditions and Board instructions are satisfied. Assessing officers must decide tax treatment and assessment year on the facts of the file. When evidence of evasion emerges in search or investigation, authorities should gather full material to levy concealment penalties and initiate prosecution under the tax penal provisions.
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.
Power to settle tax cases is not vested in commissioners; settlement lies with Settlement Commission and penalties are waivable.
No power to settle cases is vested in Commissioners under the Income-tax Act; settlement is the remit of the Settlement Commission. Powers under section 273A permit waiver or reduction of penalties and interest only after statutory conditions and Board instructions are satisfied. Assessing officers must decide tax treatment and assessment year on the facts of the file. When evidence of evasion emerges in search or investigation, authorities should gather full material to levy concealment penalties and initiate prosecution under the tax penal provisions.
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