Steps to be taken by departmental authorities where settlement application filed by assesseebefore settlement commission.

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....en settlement applications are filed by the assessees under Chapter XIXA of the Income-tax Act before the Settlement Commission. As per para 3 of the said instruction, the Settlement Commission gets exclusive jurisdiction to exercise the powers and perform the functions of an Income-tax/Wealth-tax authority in relation to the case only after the application made under section 245C of the Income-ta....

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....ion 1(v) to section 153 provides that where an assessee makes an application under section 245C to the Settlement Commission and the Commission either rejects it or does not allow it to be proceeded with, the period commencing from the date on which such application is made by the assessee and ending with the date on which the order passed by the Settlement Commission under section 245D(1) is rece....

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....t is essential that time barring proceedings under the Income-tax Act and Wealth-tax Act should, in no circumstances, be kept in abeyance merely on the ground that an application has been filed before the Settlement Commission. 4. It has also been brought to the notice of the Board that individual references are received by the Settlement Commission from assessing officers enquiring as to whether....