https://www.taxtmi.com/caselaws?id=757541 Delhi HC held that rectification proceedings under Section 154 of Income Tax Act cannot reopen matters already settled under DTVSV Act. The court found that once Designated Authority issues determination certificate and declarant complies with payment obligations, the settlement attains finality under Section 5(3) of DTVSV Act. Revenue cannot subsequently rectify assessment orders covering settled matters unless declaration contained incorrect information or suppressed material facts. Since no such allegations were made against petitioner, the rectification notice, order and demand notice were quashed as the DTVSV Act provides complete closure to tax disputes for both parties. en-us Thu, 22 Aug 2024 00:00:00 +0530 Mon, 07 Oct 2024 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757541 Delhi HC held that rectification proceedings under Section 154 of Income Tax Act cannot reopen matters already settled under DTVSV Act. The court found that once Designated Authority issues determination certificate and declarant complies with payment obligations, the settlement attains finality under Section 5(3) of DTVSV Act. Revenue cannot subsequently rectify assessment orders covering settled matters unless declaration contained incorrect information or suppressed material facts. Since no such allegations were made against petitioner, the rectification notice, order and demand notice were quashed as the DTVSV Act provides complete closure to tax disputes for both parties. Case-Laws Income Tax Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757541