CBDT provides the opportunity has been extended to those taxpayers who were eligible to file a settlement application as on January 31, 2021.
Finance Act, 2021 led to the dissolution of Income Tax Settlement Commission (ITSC) from February 1, 2021. Subsequently, applications for settlement could not be filed.
Such applications can be filed by 30.09.2021 before the Interim Board, subject to certain conditions. The Finance Ministry further clarified that taxpayers who have filed such applications before January 31st shall not have the option to withdraw such applications as per the provisions of section 245M of the Act.
The taxpayers who have already filed an application for settlement on or after February 1, as per the direction of the various High Courts and who are otherwise eligible to file such application, shall not be required to Read more at below press release file such application again, it added.