Wealth Tax Act 1957

29.  CHAPTER VA
SETTLEMENT OF CASES

Definitions:
22A. In this Chapter, unless the context otherwise requires,

    1. Bench means a Bench of the Settlement Commission;
    2. case means any proceeding for assessment under this Act, of any person in respect of any assessment year or assessment years which may be pending before an Assessing Officer on the date on which an application under sub-section (1) of Section 22C is made:
      Provided that

      • a proceeding for assessment or reassessment under section 17;
      • a proceeding for making fresh assessment in pursuance of an order under section 23A or section 24 or section 25, setting aside or cancelling an assessment;
      • a proceeding for assessment or reassessment which may be initiated on the basis of a search under section 37A or requisition under section 37B,

      shall not be a proceeding for assessment for the purposes of this clause.

      Explanation. For the purposes of this clause

      1.  A proceeding for assessment or reassessment referred to in clause (i) of the proviso shall, in case where a notice under section 17 is issued but not on the basis of search under section 37A or requisition under section 37B, be deemed to have commenced from the date on which a notice under Section 17 is issued;
      2. A proceeding for making fresh assessment referred to in clause (ii) of the proviso shall be deemed to have commenced from the date on which the order under section 23A or section 24 or section 25, setting aside or cancelling an assessment was passed;
      3. A proceeding for assessment or reassessment referred to in clause (iii) of the proviso shall be deemed to have commenced on the date of initiation of the search under section 37A or requisition under section 37B;
      4. a proceeding for assessment for an assessment year, other than the proceeding of assessment or reassessment referred to in clause (i) or clause (ii) or clause (iii) of the proviso, shall be deemed to have commenced from the 1st day of the assessment year and concluded on the date on which the assessment is made;
    3. Chairman means the Chairman of the Settlement Commission;
    4. Member means a Member of the Settlement Commission, and includes the Chairman and a Vice-Chairman;
    5. Settlement Commission means the Income-tax Settlement Commission constituted under section 245B of the Income-tax Act ;
    6. Vice-Chairman means a Vice-Chairman of the Settlement Commission 39[and includes a Member who is senior amongst the Members of a Bench;]
    7. wealth-tax authority means an income-tax authority specified in section 116 of the Income-tax Act who is treated as a wealth-tax authority under section 8.]

29. CHAPTER VA

SETTLEMENT OF CASES

38 Wealth-Tax Settlement Commission.

22B.

    1. The Central Government shall constitute a Commission to be called the Wealth-tax Settlement Commission 31[***] for the settlement of cases under this Chapter.
    2. The Settlement Commission shall consist of a Chairman 32[and as many Vice-Chairmen and other members as the Central Government thinks fit] and shall function within the Department of the Central Government dealing with direct taxes.

2A) 33[* * *]

  1. The Chairman 34[, Vice-Chairman] and other members of the Settlement Commission shall be appointed by the Central Government from amongst persons of integrity and outstanding ability, having special knowledge of, and experience in, problems relating to direct taxes and business accounts:

Provided that, where a member of the Board is appointed as the Chairman 35[, Vice-Chairman] or as a member of the Settlement Commission, he shall cease to be a member of the Board.

36[* * *]

………………………………………………………………………………………………….

29CHAPTER VA

SETTLEMENT OF CASES

37 Jurisdiction and Powers of Settlement Commission.

22BA.

  1. Subject to the other provisions of this Chapter, the jurisdiction, powers and authority of the Settlement Commission may be exercised by Benches thereof.
  2. The Settlement Commission shall consist of a Chairman 32[and as many Vice-Chairmen and other members as the Central Government thinks fit] and shall function within the Department of the Central Government dealing with direct taxes.
  3. Subject to the other provisions of this section, a Bench shall be presided over by the Chairman or a Vice-Chairman and shall consist of two other Members.
  4. The Bench for which the Chairman is the Presiding Officer shall be the principal Bench and the other Benches shall be known as additional Benches.
  5. Notwithstanding anything contained in sub-sections (1) and (2), the Chairman may authorise the Vice-Chairman or other Member appointed to one Bench to discharge also the functions of the Vice-Chairman or, as the case may be, other Member of another Bench.
  6. Notwithstanding anything contained in the foregoing provisions of this section, and subject to any rules that may be made in this behalf, when one of the persons constituting a Bench (whether such person be the Presiding Officer or other Member of the Bench) is unable to discharge his functions owing to absence, illness or any other cause or in the event of the occurrence of any vacancy either in the office of the Presiding Officer or in the office of one or the other Members of the Bench, the remaining two persons may function as the Bench and if the Presiding Officer of the Bench is not one of the remaining two persons, the senior among the remaining persons shall act as the Presiding Officer of the Bench :
  7. Provided that if at any stage of the hearing of any case or matter, it appears to the Presiding Officer that the case or matter is of such a nature that it ought to be heard by a Bench consisting of three Members, the case or matter may be referred by the Presiding Officer of such Bench to the Chairman for transfer to such Bench as the Chairman may deem fit.
  8. 38[(5A) Notwithstanding anything contained in the foregoing provisions of this section, the Chairman may, for the disposal of any particular case, constitute a Special Bench consisting of more than three Members.]
  9. Subject to the other provisions of this Chapter, the places at which the principal Bench and the additional Benches shall ordinarily sit, shall be such as the Central Government may, by notification in the Official Gazette, specify 38[and the Special Bench shall sit at a place to be fixed by the Chairman.

29 CHAPTER VA

SETTLEMENT OF CASES

39  Vice-Chairman to act as Chairman or to discharge his functions in certain circumstances.

22BB.

  1. In the event of the occurrence of any vacancy in the office of the Chairman by reason of his death, resignation or otherwise, the Vice- Chairman or, as the case may be, such one of the Vice-Chairmen as the Central Government may, by notification in the Official Gazette, authorise in this behalf, shall act as the Chairman until the date on which a new Chairman, appointed in accordance with the provisions of this Chapter to fill such vacancy, enters upon his office.
  2. When the Chairman is unable to discharge his functions owing to absence, illness or any other cause, the Vice-Chairman or, as the case may be, such one of the Vice-Chairmen as the Central Government may, by notification in the Official Gazette, authorise in this behalf, shall discharge the functions of the Chairman until the date on which the Chairman resumes his duties.
29CHAPTER VA
SETTLEMENT OF CASES
41 Decision to be by majority.
22BD.
If the Members of a Bench differ in opinion on any point, the point shall be decided according to the opinion of the majority, if there is a majority, but if the Members are equally divided, they shall state the point or points on which they differ, and make a reference to the Chairman who shall either hear the point or points himself or refer the case for hearing on such point or points by one or more of the other Members of the Settlement Commission and such point or points shall be decided according to the opinion of the majority of the Members of the Settlement Commission who have heard the case, including those who first heard it.
………………………………………………………………………………………………

29 CHAPTER VA

SETTLEMENT OF CASES

39 Power of Chairman to transfer cases from one Bench to another.

22BC.

On the application of the assessee or the 40[Chief Commissioner or Commissioner] and after notice to them, and after hearing such of them as may desire to be heard, or on his own motion without such notice, the Chairman may transfer any case pending before one Bench, for disposal, to another Bench.]

……………………………………………………………………………………………………………..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..

Under Construction..