The Income Tax Settlement Commission is an authority created by statute in pursuance of recommendations of Justice Wanchoo Committee (1971) w.e.f. 01.04.1976. It is only authority which functions as Alternate Dispute Resolution Mechanism available to the applicants (assesses) resolving the matter in a relatively short period of 18 months and its order is final & conclusive in respect of its binding on both the Income Tax Department and the applicant. The authority provides an Alternative Mechanism to the applicant who do not want to pursue long drawn process of litigation with various Appellate Authorities like Commissioner (Appeal), Income Tax Appellate Authority (ITAT), High Court and final to the Supreme Court which may take time span of 10-15 years.
02. The Commission with its Members of the rank of Chief Commissioners having more than 100 years of cumulative experience in the field, adjudicate matters in judicious and fair manner both to the applicant and Income Tax Department so as to reach its decision in a time bound manner through arbitration process.
03. Recently the ambit of Commission has been extended to include reopened cases u/s 148 of the Income Tax Act as well as to the cases where orders assessment in pursuance of u/s 254 Income Tax Appellate Authority or Sections 263 and 264 (by the CIT) have been set aside to make the fresh assessment are also included.
04. The complex search and seizure cases, besides the other cases having undisclosed income of substantial amount continue to be within the ambit of Settlement Commission.
05. I would urge the users to continuously provide their valuable comments for frequent up-gradation of the website to make it more effective and useful.