Section 245B of ITA, 1961 : Section 245B: Income-Tax Settlement Commission
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Sharma, who has been running a successful textile business for several years. However, due to some oversight, he has not reported certain transactions in his income tax returns. Realizing this could lead to penalties and prosecution, Mr. Sharma decides to approach the Income-tax Settlement Commission (ITSC) to resolve his case.
The ITSC, which was constituted under Section 245B of the Income-tax Act, 1961, is a body that includes a Chair...
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