Modernizing India’s tax system is on the agenda. For decades, the Income Tax Act, 1961 has governed direct taxation. However, mounting complexity and compliance challenges have spurred calls for a simpler, more transparent framework—the Direct Tax Code (DTC). This guide explains both systems, compares their key features in an at-a-glance table, and outlines what the changes […]
Jaipur, 4th January 2024 – In a significant ruling, the High Court of Judicature for Rajasthan at Jaipur quashed the penalty imposition under Section 270A of the Income Tax Act on Chambal Fertilizers and Chemicals Limited (the petitioner), granting immunity under Section 270AA of the Act. The Court held that the petitioner had voluntarily disclosed
Powers and procedure of Settlement Commission (1) In addition to the powers conferred on the Settlement Commission under this Chapter, it shall have all the powers which are vested in a wealth-tax authority under this Act. (2) Where an application made under section 22C has been allowed to be proceeded with under section 22D, the
Power of Settlement Commission to reopen completed proceedings If the Settlement Commission is of the opinion (the reasons for such opinion to be recorded by it in writing) that, for the proper disposal of the case pending before it, it is necessary or expedient to reopen any proceeding connected with the case, but which has
Power of Settlement Commission to order provisional attachment to protect revenue (1) Where, during the pendency of any proceeding before it, the Settlement Commission is of the opinion that for the purpose of protecting the interests of the revenue it is necessary so to do, it may, by order, attach provisionally any property belonging to
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