Taxpayers Retain Right to File Settlement Applications for Searches Before March 31, 2021, if Submitted by September 30, 2021.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Assessees subjected to search u/s 132 prior to March 31, 2021, retained the right to file applications for settlement before the Interim Settlement Board, provided such applications were filed on or before September 30, 2021. The Explanation Clauses accompanying the deleted provisos in Section 245A(b) cannot restrict the definition of 'case' after the deletion of provisos. Accepting the Revenue's interpretation would defeat the legislative intent behind deleting the provisos. The right to approach the Settlement Commission vested in eligible assessees until the Finance Act, 2021 amendments remained enforceable. The High Court concurred with the Bombay High Court's view in Senapati Santaji Ghorpade Sugar Factory Ltd. and Vishwakarma Develope.........