The Income Tax Department has issued an order asking officials to accept applications for disposal of pending tax cases by September 30. In the budget for the financial year 2021-22, the provisions of the Income Tax Act, 1961 were amended through the Finance Act under which the Income Tax Settlement Commission (ITSC) ceased to function with effect from February 1, 2021.
Further, it has also been provided that no application for settlement can be filed on or after February 1, 2021. The Finance Bill, 2021 was introduced in the Lok Sabha on the same date. The government had constituted an Interim Settlement Board for disposal of settlement applications pending till January 31, 2021. Subsequently, the Finance Ministry had received representations that several taxpayers were in the last stages of filing their applications for settlement before the ITSC on February 1.
In order to provide relief to taxpayers who were eligible to file application till January 31, 2021 but could not file it due to the closure of ITSC under the Finance Act, 2021, the Income Tax Department has started this month. decided that an application for settlement can be filed by the taxpayers before the Interim Board by September 30, 2021.
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