Business deductions and transfer pricing issues: tribunal treatment of software write-offs, donation receipts, warranty provisions, and related expens...
Page of 4814
Press 'Enter' after typing page number.
2921 to 2940 of 96262 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows rectification of orders, but it is not applicable to the Settlement Commission, which is a quasi-judicial body like the Income Tax Appellate Tribunal (ITAT). While the ITAT has the power to rectify orders u/s 254(2), no such power is given to the Settlement Commission. The order of the Settlement Commission is final and conclusive u/s 245I, except in cases of fraud or misrepresentation. Interest u/s 234B is payable on income disclosed in the return and before the Settlement Commission until the Commission acts u/s 245D(1). After allowing the application for settlement, no further interest u/s 234B is chargeable. The invocation of Section 154, which was held inapplicable to Chapter XIX-A proceedings, cannot be justified for levying interest u/s 234B.
The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows rectification of orders, but it is not applicable to the Settlement Commission, which is a quasi-judicial body like the Income Tax Appellate Tribunal (ITAT). While the ITAT has the power to rectify orders u/s 254(2), no such power is given to the Settlement Commission. The order of the Settlement Commission is final and conclusive u/s 245I, except in cases of fraud or misrepresentation. Interest u/s 234B is payable on income disclosed in the return and before the Settlement Commission until the Commission acts u/s 245D(1). After allowing the application for settlement, no further interest u/s 234B is chargeable. The invocation of Section 154, which was held inapplicable to Chapter XIX-A proceedings, cannot be justified for levying interest u/s 234B.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
