Settlement Application - Assessment deemed to be concluded when order is made and not when served; CBDT clarifies

Posted Date : 18-Nov-2014 , 08:04:52 am | Posted By CASANSAAR print

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Chapter XIX-A of the Income-tax Act, 1961 contains provisions relating tosettlement of cases by the Income-tax Settlement Commission (ITSC). Theprovisions contained in the said chapter were amended by Finance Act, 2007and a Revised Settlement Scheme was put in place. Explanatory Circular No.3/2008 dated 12.03.2008 issued by CBDT vide para 61 (comprising sub paras61.1 to 61.17) deals with Revised Settlement Scheme.

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