TaxTMI 
TaxTMI 
Question - What are the amendments proposed in settlement commission provisions under Income tax act in Finance Bill 2015 ?
Settlement Commission
28 Feb 2015 
1 Reply 
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Settlement Commission amendments expand scope for multiple assessment years and tighten eligibility, rectification, immunity recording and asset adjustment.
Amendments allow an assessee who has received a notice under section 148 for any assessment year to approach the Settlement Commission for other assessment years with alleged escapement if returns for those years were filed; they reframe commencement of proceedings to the date of furnishing a return and conclude on assessment or after two years where no assessment is made. Rectification timelines under section 245D are extended to specified six-month periods, immunity orders must record reasons, proceedings abate where orders lack settlement terms, related persons are barred from repeat applications, and seized assets may be adjusted against liabilities arising from settlement applications. (AI Summary)
Amendments allow an assessee who has received a notice under section 148 for any assessment year to approach the Settlement Commission for other assessment years with alleged escapement if returns for those years were filed; they reframe commencement of proceedings to the date of furnishing a return and conclude on assessment or after two years where no assessment is made. Rectification timelines under section 245D are extended to specified six-month periods, immunity orders must record reasons, proceedings abate where orders lack settlement terms, related persons are barred from repeat applications, and seized assets may be adjusted against liabilities arising from settlement applications. (AI Summary)