Application for Withdrawal of Settlement Commission in IT Act, 1961

Settlement of Tax Cases under Income Tax Act, 1961 | IndianTaxStudy.com

Application for Withdrawal of Settlement Commission- Form No. 34BB

Vide Finance Act, 2021, the Income Tax Settlement Commission (ITSC) has been discontinued w.e.f. 01-02-2021 from the Income Tax Act, 1961 (Act).

If any person had already filed an application of settlement commission before 01-02-2021 were said to be considered as pending application if both the following two conditions are satisfied:

  1. The application has not been declared invalid under section 245D(2C) of the Act and,
  2. No order under section 245D(4) of the Act was issued on or before 31-01-2021.

It was said by the ministry that an Interim Board shall be formed for above said pending applications.

Also, an option was given to the assessee to withdraw such pending applications within the period of 3 months from the date of commencement of the Finance Act, 2021 and intimate the Assessing Officer.

On 30-04-2021, the CBDT vide Notification No. 40/202, has inserted a new Rule 44DA in the Income Tax Rules, 1962 prescribing manner of withdrawing such pending applications for settlement commission. Form No. 34BB has been introduced for making such application to be furnished electronically and verified by the person responsible for verifying Income Tax Return.

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