TaxTMI 
TaxTMI 
Proceedings of Settlement Commission.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Wealth-tax Settlement Commission. Hearings are being given by the Commission under sub-sections(1) and (4) of sec. 245D of the I.T.Act/sec.22D of the Wealth-tax Act and normally notices of hearing are given to the Commissioners 15 days in advance. On receipt of such a notice, the Commissioner's office file alongwith any advice the Commissioner may like to give should be sent to the representing CI....
X X X X Extracts X X X X
X X X X Extracts X X X X
....me-tax authority, in relation to the case. Instances have come to the Board's notice where the Commissioners are found not to have exercised their discretion on due evaluation of the available evidence. In a recent case, an objection was made simply because the Valuation Officer's estimate of the cost of the property was higher than that disclosed by the assessee. In this connection, the Board in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... fully achieved. If, in a report under the second proviso to sec.245D(1)/22D(1), an objection is being made to the Commission proceeding with the application, the nature of the concealment or perpetration of fraud established or likely to be established should be clearly indicated without discussing the evidence. In the boards instruction No.1077 dated 16th July 1977 the Commissioners have been a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....thority in relation to the case only after the application made u/s.245C/22C has been allowed to be proceeded with. Therefore, till the date the Commission passes an order u/s.245D(1)/22D(1) allowing the case to be proceeded with, the assessing officer has to deal with the case and complete the relevant assessment or other proceedings that may be getting time barred during this period. Later, in t....