Indian Income Tax Settlement Commission-Amicable, Easy and Satisfactory Solution- without Harshment to Come out clean by offering Taxable income for Assessment: through: Income Tax Cases normally runs for 8to 10years :Proceedings with Assessing Officer results in Rounds of Income Tax Department and Harshment. After Assessment Order it is Ist Appeal and than 2nd Appeal with ITAT: Which can be saved by reference to Settlement Commission
Preamble:- During Income Tax Raids what happens Cash,Jewellery, Undisclosed Investments, Recycling of Money are found. Search may result in a complete Mesh. It normally take place to Entire group more than One persons: Directors, Partners,Family Members, Friends, Associates: And at more than One Places, Business Establishments and Associate Establishments. The Search Procedure may continue for Several Months. Load of Documents may be seized by the Department. Past Transactions:- During Search more than One type of transaction may be found as follows:- Recycling of Funds e.g. Withdrawal through Purchases and Recycled through Sales. Payments released out of unaccounted Money is treated as payments without bills. Recycling of Funds through Foreign Routes by way of Gifts in the Individual Bank Accounts. Undisclosed Commercial Transactions even though in the Interest of the Business In absence of supportings Assessing Officer may not be ...