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December 2024

Settlement of cases — Application for settlement — Validity — Conditions precedent for application — Additional conditions imposed by CBDT through circular not valid — Circulars cannot override provisions of Act.

By Keshav Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins

67 Vishwakarma Developers vs. CBDT

[2024] 468 ITR 686 (Bom)

A.Ys. 2015–16 to 2020–21

Date of order: 24th July, 2024

Ss. 119(2)(b), 245C and 245D of ITA 1961

Settlement of cases — Application for settlement — Validity — Conditions precedent for application — Additional conditions imposed by CBDT through circular not valid — Circulars cannot override provisions of Act.

The assessee filed an application for settlement of case u/s. 245C of the Income-tax Act, 1961 for the A.Y. 2015–16 to 2020–21. During the period from August 2022 to September 2023, settlement proceedings were conducted by the Interim Board for Settlement constituted by the Central Government pursuant to the notification dated 10th August, 2021 ([2021] 436 ITR (St.) 48). The assessee from time to time pursued the proceedings before the Interim Board for Settlement. On 22nd September, 2021, the assessee refiled the settlement application pursuant to the press release on 7th September, 2021, and paid additional interest for the period of March 2021 to September 2021. The application was rejected.

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