Industry & Economy
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Income Tax
CBDT chief to review scheme on settlement panel
Our Bureau
NEW DELHI, March 22
THE Chairman of the Central Board of Direct Taxes (CBDT), Mr P.K. Sarma, today promised a re-look at a Budget proposal that would withdraw the power of the Settlement Commission to send the cases, referred to it, back to the assessing officer.
The proposed amendment to the Income-Tax Act would require the Settlement Commission to mandatorily decide and settle all applications admitted by it.
Addressing a post-Budget workshop organised by the Institute of Chartered Accountants of India (ICAI) here, Mr Sarma also defended the Government's decision to withdraw Section 88 benefits for individuals and HUFs having total income of Rs 5 lakh or more per annum.
The members of ICAI pointed out that withdrawal of the powers of the Settlement Commission to send back cases to the assessing officer may lead to situations where the cases would have to be necessarily settled even though there may not be a consent from the assessee.
"This would negate the purpose for which Settlement Commission had been formed. Any settlement should require mutual consent," they said.
In his address, the ICAI President, Mr Ashok Chandok, said that the Government should now focus on taxation of "real income" rather than taxation of "notional incomes''.
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