The question of scaling down of tax arrears

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....d the 4th Sept. 1975. A copy of the said Instruction is annexed 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. ....

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....mination the Board are of the view that just as for write off of demands, so also 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 Incom....

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....very than could be realised by recourse to enforced sale of assets or other modes of 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 asset....