The question of scaling down of tax arrears

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... for ready reference. 2. The powers to be exercised by the Commissioner of Income-tax for the scaling down of tax arrears were contained in para of the instructions referred to above. Where the arrears requiring scaling down exceed Rs. 1 lakh, the authorities exercising powers would be as under: Member, Board - Upto Rs. 5 lakhs. Full Board - Upto Rs. 10 lakhs. Minister - Above Rs. 10 lakhs. T....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... for scaling down there need not be any provision in the Income-tax Act. Every creditor, including the Government, has the in-herent right to give up a part or whole of the debt due to him. 3. Besides, there would be no over-lapping between the powers relating to scaling down of arrear demand and those of the Income-tax Settlement Commission to be constituted u/s 245B of the Income-tax Act. This ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f recovery. Further, such a settlement is to be made subject to the condition that the amount settled would be paid without delay and in case the settlements are required, adequate security would be furnished. Besides an affidavit is required to be taken from the assessee concerned declaring particulars of his assets as on the date of the settlement and each such settlements is to be made expressl....