If some top sources are to be believed the ACC is expected to clear the proposal for appointment to the post of members in the additional benches of Income Tax Settlement Commission.

Reportedly, the strength of Income Tax Settlement Commission has depleted at the top amid a dozen of Member post lying vacant. In addition, another two posts of Member is all set to fall vacant January next year.

Three posts are lying vacant in Kolkata Additional Bench, one each in Mumbai and Chennai Bench and six posts vacant in Delhi. Further, altogether two posts are all set to fall vacant in January 2020 i.e. one each in Mumbai and Delhi Bench.

It may be underlined that IT Settlement Commission consists of one Chairman and two Members in the Principal Bench in New Delhi and one Vice Chairman and two Members in each of the four Additional Benches; Mumbai, Kolkata, Chennai & Delhi.

The Settlement Commission is a statutory body and deals with the settlement applications filed by the assesses under the Income-tax Act, 1961 and the Wealth-tax Act, 1957. As per the provisions, an assessee can approach the Settlement Commission at any stage of the proceedings for assessment pending before an Assessing Officer, subject to certain prescribed conditions. Further, where the application relates to income tax, the additional tax payable on the income disclosed in the application must be more than Rs. 3.00 lakh.