Income Tax - Settlement Commission - Rule 44CA amended
THE CBDT has amended Rule 44CA of the Income Tax Rules to stipulate that:
1. Where an application has not been declared invalid or an application has been allowed to be further proceeded with, all the material and other information produced by the assessee before the Settlement Commission shall be sent to the Commissioner to enable him to furnish the report under sub-section (3) of section 245D.
2. Where the proceeding before the Settlement Commission abates, the Commission shall send, all the material and other information produced by the assessee before the Commission and the results of any enquiry held or evidence recorded in the course of proceedings before it, to the Commissioner.
Will CBEC follow suit with amendments to the Customs & Central Excise Settlement Commission Procedure?
CBDT Notification No.5/2014, Dated: January 15, 2014