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Income-tax Settlement Commission / Wealth-tax Settlement Commission was set up under section 245B of Income-tax Act 1961/Section 22B of Wealth-tax Act, 1957, respectively, w.e.f.
1.4.1976 with its headquarters at New Delhi. It is a quasi judicial
body. It was set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as Wanchoo Committee). The objective of setting up this Commission is to provide a body
comprising of persons of integrity and outstanding ability, having special knowledge of and experience in, problems relating to direct taxes and business accounts, for settling across the board, tax liabilities in complicated cases with doubtful benefit to revenue avoiding endless and prolonged litigation and consequential strain on investigational resources of Income-tax Department.
Duties and Functions
The Chairman of the Commission is a statutory Authority under the Income-tax and Wealth-tax Acts. He is the administrative head of the Commission. His main functions are as under:
Technical
- He is the Presiding Officer of the Principal Bench and decides Settlement applications along with the other Members of the Bench.
- He may authorize the Vice-Chairman or any other Member appointed to one Bench to discharge also the functions of the Vice-Chairman or a Member of any other Bench.
- He assigns jurisdiction of different Benches of the Commission.
- He transfers cases from one Bench to another Bench.
- In case of difference of opinion among Members of a Bench, the case is either heard by the Chairman himself or he may refer the case for hearing to another Member. He may constitute a 'larger' or a 'Special Bench'.
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