18 April 2012
can an application before settlement commission be made after a survey conducted u/s 133A and subsequent receipt of notice u/s 148 of the income tax act? The period covered are last 4 asst years commencing 2008-9. The applicant has duly filed his return of income for all the 4 years within the time limit u/s 139(4). For the first two years the return was processed u/s 143 (1) and for the remaining two years order was passed u/s 143(3) making certain additions which is contested before CIT(A). Nothing incriminating was found during survey though there was a voluntary offer of additional income by the applicant during survey. Will be obliged for a detaile reply on the above query.
19 April 2012
As per Section 245A(b) which defines "Case" in respect of Settlement Commission and under the said section Specific exclusion has been made for proceeding under section 147.i.e.when notice under section 148 has been issued for reassessment under section 147,from the date of issue of said notice the proceeding loss the characteristics of "Case" . However before the issuance of notice u/s.148 application for settlement of case can be filed even if survey conducted u/s.133A,provided other conditions are satisfied.
CAclubindia
