Proposal for Formation of Dispute Resolution Committee, As Per Finance Act 2021 – A Welcome Move… But with Caveat.

The Finance Bill, 2021 has been passed by the Parliament in which a new dispute mechanism has been proposed. It has been proposed that one or more of such committee(s) shall be formed and such committee(s) shall have the power to ‘reduce’ or ‘waive’ any penalty imposable under the Income Tax Act, 1961 or grant ‘immunity’ from prosecution for any offence punishable under this Act. Before moving further, it shall be worthwhile to reproduce the new chapter hereinunder:The Finance Bill, 2021 has been passed by the Parliament in which a new dispute mechanism has been proposed. It has been proposed that one or more of such committee(s) shall be formed and such committee(s) shall have the power to ‘reduce’ or ‘waive’ any penalty imposable under the Income Tax Act, 1961 or grant ‘immunity’ from prosecution for any offence punishable under this Act. Before moving further, it shall be worthwhile to reproduce the new chapter hereinunder:taxmann.com Latest ArticlesRead More

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