Proceedings of Settlement Commission.

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..... gs before the Income-tax/Wealth-tax Settlement Commission. Hearings are being given by the Commission under sub-sections(1) and (4) of sec. 245D of the I.T.Act/sec.22D of the Wealth-tax Act and normally notices of hearing are given to the Commissioners 15 days in advance. On receipt of such a notice, the Commissioner's office file alongwith any advice the Commissioner may like to give should be se .....

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..... be established by any income-tax authority, in relation to the case. Instances have come to the Board's notice where the Commissioners are found not to have exercised their discretion on due evaluation of the available evidence. In a recent case, an objection was made simply because the Valuation Officer's estimate of the cost of the property was higher than that disclosed by the assessee. In this .....

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..... Settlement Commission are fully achieved. If, in a report under the second proviso to sec.245D(1)/22D(1), an objection is being made to the Commission proceeding with the application, the nature of the concealment or perpetration of fraud established or likely to be established should be clearly indicated without discussing the evidence. In the boards instruction No.1077 dated 16th July 1977 th .....

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..... the functions of an IT/WT authority in relation to the case only after the application made u/s.245C/22C has been allowed to be proceeded with. Therefore, till the date the Commission passes an order u/s.245D(1)/22D(1) allowing the case to be proceeded with, the assessing officer has to deal with the case and complete the relevant assessment or other proceedings that may be getting time barred dur .....

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..... the appropriate authority under the relevant enactment. 5. Both in the interest of the assessee and the Revenue, it is desirable to avoid delay in processing applications made to the Settlement Commission. Reports called for by the Commission should, therefore, be made expeditiously. If due to some exceptional circumstances, a report cannot be made within the time allowed, the Commission should .....

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