This post is restricted to frequently asked question on application to income tax settlement application in case of search or seizure action by income tax department under section 132 of the Income Tax Act. Many subscriber and readers have asked about
- What are benefits of approaching the settlement commission, after the search u/s 132?
- When can the application be made to settlement commission by an assessee who is searched u/s 132 ?
- Is there prescribed form for application ?
- Who are specified persons or entities allowed to apply before settlement commission ?
- Is the applicant required to pay tax before the settlement application or after the order?
- Whether the A.O keep me calling for completing assessment after the issue of notice u/s 153A if my application is pending with settlement commission ?
- What the time limits for passing orders by the ITSC?
- What happens if the application is rejected ?