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K.R. Srivats

For speedy settlement and proper revenue recovery

New Delhi April 11 The Settlement Commission should entertain complex income-tax search cases to ensure speedy settlement and proper recovery of revenue rather than not accepting such applications under a proposed law, the Institute of Chartered Accountants of India (ICAI) has said.

This year's Budget has through the Finance Bill 2007 proposed that an applicant should not be eligible to file an application in the Settlement Commission in case a search has been carried out by the tax department.

"In search cases where there is complexity, we have suggested to the Finance Ministry that applications should be allowed before the Settlement Commission. Let the Settlement Commission decide as to whether the case is complex or not and then admit or reject it," Mr G. Ramaswamy, Chairman, ICAI's fiscal law committee told Business Line.

He pointed out that Settlement Commission had power to entertain complex search cases, if it feels there is complexity, and at the same time the revenue department also has power to object such applications if it is of the view that there are no complexities. ICAI has in its post-budget memorandum highlighted that many cases have complexities that are generally not possible to resolve through the normal assessment route.

"Similar provisions exist in various countries taking into consideration the ground realities as well as the fact that many tax disputes need to be resolved by way of settlement rather than litigation," the ICAI has said, adding that the Settlement Commission has served the revenue needs of the Government.

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