Power to 'settle' cases.

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....ed on the Commissioners in the Income-tax Act itself to enable them to determine the tax liability, reduce or waive penalty, compound offences and grant immunity from prosecution in suitable cases. 2. The issue has been considered by the Board and the following clarifications are issued in this regard> (i) There is no power conferred by the Income-tax Act or other direct tax enactments on th....

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.... (v) The question whether a particular income is to be assessed in a particular assessment year, the status under which such income should be brought to tax, whether deposits and other assets are to be spread over a period of years, etc. have to be decided by the assessing officers on the facts of each case and should be capable of being sustained on an inspection of the file in which the decis....