By BS Reporter
Income Tax Settlement Commission (ITSC) vice chairman - Chennai bench, Kamlesh Argal, on Thursday said a camp office of the commission’s bench would be set up soon in the city for the convenience of assessees in the state.
ITSC is an alternate disputes resolution mechanism for resolving tax disputes relating to direct taxes. At present, it has seven benches located in New Delhi (3 benches), Mumbai (2), Kolkata (1) and Chennai (1).
Speaking at an interactive session held at the premises of the Federation of Andhra Pradesh Chambers of Commerce and Industry, Argal stated the commission would significantly reduce the period of litigation relating to proceedings of various natures, such as assessment, penalty, prosecution and tax collection.
ITSC, according to a press release, disposes of various proceedings for several assessment years in respect of an applicant conclusively within 18 months. In regular channel of assessment and appeal, it may routinely take at least 5 years to dispose of each such proceeding.