Hon'ble justice Mr. Kailas Nath Wanchoo headed a committee constituted by the Central Government (1971), which recommended setting up of Income Tax Settlement Commission, to serve as an alternative Dispute resolution body. On the basis of such recommendation The Income Tax Settlement Commission (ITSC) was set by Centeral Government up with effect from 1.4.1976.
The motive behind to setup commission is to provide alternative platform to unintended defaulters or onetime tax evaders because One 'Case' settled by the Commission, reduces litigation in respect of an applicant for several years relating to proceedings of various nature, such as assessment, penalty, prosecution, tax collection, etc. Also it reduce burden of Income Tax Department also because each such proceeding before an Assessing Officer of the Income Tax Department is appealable before Commissioner (Appeals) and later before the Income Tax Appellate Tribunal and where it involves question of law, even up to High Courts and the Supreme Court.
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