ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Foreign Aid-Growing Inflow

WITH the setting up of the income- tax settlement commission, the government can claim to have taken one more step to check tax evasion. The commission has been vested with wide powers and enormous discretion in deciding applications by tax-evaders for settlement of their cases outside the regular machinery and procedure prescribed by the tax laws. The commission has been empowered to grant immunity from prosecution under the income-tax act, the Indian penal code and any other Central act and from the imposition of any penalty under the income- tax act Any assessee may at any stage of a case relating to him make an application to the commission to have the case settled. The commission is also authorised to reopen, with the prior permission of the assessee, assessment'! connected with the case for eight years from the end of the assessment year to which the proceedings relate. All orders of settlement passed by the commission will be conclusive in relation to the matters mentioned in them and will not be reopened in any proceedings under the income-tax act or any other law.

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