Settlement of cases
46[R2] Definitions.
245A. In this Chapter, unless the context otherwise requires,—
(a) “Bench”
means a Bench of the Settlement Commission;
(b) “case” means any proceeding under this Act for the assessment
or reassessment of any person in respect of any year or years, or by way of
appeal or revision in connection with such assessment or reassessment, which
may be pending before an income-tax authority on the date on which an
application under sub-section (1) of section 245C is made :
Provided that where any appeal or application for
revision has been preferred after the expiry of the period specified for the
filing of such appeal or application for revision under this Act and which has
not been admitted, such appeal or revision shall not be deemed to be a
proceeding pending within the meaning of this clause;
(c) “Chairman”
means the Chairman of the Settlement Commission;
(d) “income-tax
authority” means an income-tax authority specified in section 116
(e) “Member”
means a Member of the Settlement Commission, and includes the Chairman and a
Vice-Chairman;
(f) “Settlement
Commission” means the Income-tax Settlement Commission constituted under
section 245B;
(g) “Vice-Chairman”
means a Vice-Chairman of the Settlement Commission.]
Income-tax
Settlement Commission.
245B.(1) The Central Government
shall constitute a Commission to be called the Income-tax Settlement Commission
47[R3] [* * *] for the settlement of cases under this
Chapter.
(2) The Settlement Commission shall consist of a Chairman 48[R4] [and as many Vice-Chairmen and other members
as the Central Government thinks fit] and shall function within the Department
of the Central Government dealing with direct taxes.
(3) The Chairman 50[R6] [, Vice-Chairman] and other members of the
Settlement Commission shall be appointed by the Central Government from amongst
persons of integrity and outstanding ability, having special knowledge of, and,
experience in, problems relating to direct taxes and business accounts:
Provided that, where a member of the Board is appointed as the Chairman 50[R7] [, Vice-Chairman] or as a member of the
Settlement Commission, he shall cease to be a member of the Board.51[R8] [* * *]
52[R9] Jurisdiction
and powers of Settlement Commission.
245BA.(1) Subject
to the other provisions of this Chapter, the jurisdiction, powers and authority
of the Settlement Commission may be exercised by Benches thereof.
(2) Subject to the other provisions of this
section, a Bench shall be presided over by the Chairman or a Vice-Chairman and
shall consist of two other Members.
(3) The Bench for which the Chairman is the
Presiding Officer shall be the principal Bench and the other Benches shall be
known as additional Benches.
(4) Notwithstanding anything contained in
sub-sections (1) and (2), the Chairman may authorise the Vice-Chairman or other
Member appointed to one Bench to discharge also the functions of the
Vice-Chairman or, as the case may be, other Member of another Bench.
(5) Notwithstanding anything contained in the
foregoing provisions of this section, and subject to any rules that may be made
in this behalf, when one of the persons constituting a Bench (whether such
person be the Presiding Officer or other Member of the Bench) is unable to
discharge his functions owing to absence, illness or any other cause or in the
event of the occurrence of any vacancy either in the office of the Presiding
Officer or in the office of one or the other Members of the Bench, the
remaining two persons may function as the Bench and if the Presiding Officer of
the Bench is not one of the remaining two persons, the senior among the
remaining persons shall act as the Presiding Officer of the Bench :
Provided that if at any stage of the hearing of any such case or matter, it
appears to the Presiding Officer that the case or matter is of such a nature
that it ought to be heard of by a Bench consisting of three Members, the case
or matter may be referred by the Presiding Officer of such Bench to the
Chairman for transfer to such Bench as the Chairman may deem fit.
53[R10] (5A)
Notwithstanding anything contained in the foregoing
provisions of this section, the Chairman may, for the disposal of any
particular case, constitute a Special Bench consisting of more than three
Members.]
(6) Subject to the other provisions of this Chapter, the places at
which the principal Bench and the additional Benches shall ordinarily sit shall
be such as the Central Government may, by notification54[R11] in
the Official Gazette, specify 53[R12] [and
the Special Bench shall sit at a place to be fixed by the Chairman.]]
55[R13] Vice-Chairman to act as Chairman or to
discharge his functions in certain circumstances.
245BB. (1) In
the event of the occurrence of any vacancy in the office of the Chairman by
reason of his death, resignation or otherwise, the Vice-Chairman or, as the
case may be, such one of the Vice-Chairmen as the Central Government may, by
notification in the Official Gazette, authorize in this behalf, shall act as
the Chairman until the date on which a new Chairman, appointed in accordance
with the provisions of this Chapter to fill such vacancy, enters upon his
office.
(2) When the Chairman is
unable to discharge his functions owing to absence, illness or any other cause,
the Vice-Chairman or, as the case may be, such one of the Vice-Chairmen as the
Central Government may, by notification in the Official Gazette, authorize in
this behalf, shall discharge the functions of the Chairman until the date on
which the Chairman resumes his duties.]
56[R14] Power of Chairman to transfer cases from
one Bench to another.
245BC. On the
application of the assessee or the 57[R15] [Chief
Commissioner or Commissioner] and after notice to them, and after hearing such
of them as he may desire to be heard, or on his own motion without such notice,
the Chairman may transfer any case pending before one Bench, for disposal, to
another Bench.]
58[R16] Decision to be by majority.
245BD. If the Members
of a Bench differ in opinion on any point, the point shall be decided according
to the opinion of the majority, if there is a majority, but if the Members are
equally divided, they shall state the point or points on which they differ, and
make a reference to the Chairman who shall either hear the point or points
himself or refer the case for hearing on such point or points by one or more of
the other Members of the Settlement Commission and such point or points shall
be decided according to the opinion of the majority of the Members of the
Settlement Commission who have heard the case, including those who first heard
it.]
Application
for settlement of cases.
59[R17] 245C. 60[R18] [(1)
An assessee may, at any stage of a case relating to him61[R19] ,
make an application in such form and in such manner as may be prescribed, and
containing a full and true disclosure of his income which has not been
disclosed before the 62[R20] [Assessing]
Officer, the manner in which such income has been derived, the additional
amount of income-tax payable on such income and such other particulars as may
be prescribed, to the Settlement Commission to have the case settled and any
such application shall be disposed of in the manner hereinafter provided:
63[R21] Provided that no such application shall be made
unless,—
(i) if
the applicant has not furnished a return in respect of the total income of that
year (whether or not an assessment has been made in respect of the total income
of that year), then, except in a case covered by clause (iii), tax shall be calculated on the
income disclosed in the application as if such income were the total income;
(ii) if the applicant has furnished a return in respect of the
total income of that year (whether or not an assessment has been made in
pursuance of such return), tax shall be calculated on the aggregate of the
total income returned and the income disclosed in the application as if such
aggregate were the total income;
(iii) if the proceeding pending before the income-tax authority is
in the nat
(a) the assessee has furnished the return of income which he is
or was required to furnish under any of the provisions of this Act; and
(b) the additional amount of income-tax payable on the income
disclosed in the application exceeds 64[R22] [one
hundred] thousand rupees.]
(1A) For the purposes of sub-section (1) of this section and
sub-sections (2A) to (2D) of section 245D, the additional amount of income-tax payable in respect of the income
disclosed in an application made under sub-section (1) of this section shall be
the amount calculated in accordance with the provisions of sub-sections (1B) to
(1D).
65-66[R23] (1B)
Where the income disclosed in the application relates to only one previous
year,—ure of a proceeding for reassessment of the
applicant under section 147 or by way of appeal or revision in connection with
such reassessment, and the applicant has not furnished a return in respect of
the total income of that year in the course of such proceeding for
reassessment, tax shall be calculated on the aggregate of the total income as
assessed in the earlier proceeding for assessment under section 143 or section
144 or section 147 and the income disclosed in the application as if such
aggregate were the total income.]
65-66[R24] (1C)
The additional amount of income-tax payable in respect of the income disclosed
in the application relating to the previous year referred to in sub-section
(1B) shall be,—
(a) in a case referred to in clause (i) of that sub-section, the amount of tax calculated under that
clause;
(b) in
a case referred to in clause (ii)
of that sub-section, the amount of tax calculated under that clause as reduced
by the amount of tax calculated on the total income returned for that year;
(c) in
a case referred to in clause (iii)
of that sub-section, the amount of tax calculated under that clause as reduced
by the amount of tax calculated on the total income assessed in the earlier
proceeding for assessment under section 143 or section 144 or section 147.]
(1D) Where the income disclosed in the application relates to more
than one previous year, the additional amount of income-tax payable in respect
of the income disclosed for each of the years shall first be calculated in
accordance with the provisions of sub-sections (1B) and (1C) and the aggregate
of the amount so arrived at in respect of each of the years for which the
application has been made under sub-section (1) shall be the additional amount
of income-tax payable in respect of the income disclosed in the application.
(1E)
67[R25] [***]
(2) Every application made under sub-section
(1) shall be accompanied by such fees as may be prescribed68[R26] .
(3) An application made under sub-section (1)
shall not be allowed to be withdrawn by the applicant.
Procedure on receipt of an application under section 245C.69[R27]
245D. (1) On
receipt of an application under section 245C, the Settlement Commission shall call for a report from the
Commissioner and on the basis of the materials contained in such report and
having regard to the nature and circumstances of the case or the complexity of
the investigation involved therein, 70[R28] [the
Settlement Commission, shall, where it is possible, by order, reject the
application or allow the application to be proceeded with within a period of
one year from the end of the month in which such application was made under section
245C] :
Provided that an application shall not be rejected under this sub-section unless
an opportunity has been given to the applicant of being heard
:
71[R29] [Provided
further that the Commissioner shall furnish the report within a period of
forty-five days of the receipt of communication from the Settlement Commission
in case of all applications made under section 245C on or after the 1st day of July, 1995 and if
the Commissioner fails to furnish the report within the said period, the
Settlement Commission may make the order without such report.]
(1A) 72[R30] [Omitted by the Finance (No. 2) Act, 1991,
w.e.f. 27-9-1991.]
(2) A copy of every order under sub-section (1) shall be sent to
the applicant and to the Commissioner.
73[R31] (2A)
Subject to the provisions of sub-section (2B), the assessee shall, within
thirty-five days of the receipt of a copy of the order under sub-section (1) 74[R32] [allowing
the application to be proceeded with], pay the additional amount of income-tax
payable on the income disclosed in the application and shall furnish proof of
such payment to the Settlement Commission.]
74[R33] (2B)
If the Settlement Commission is
satisfied, on an application made in this behalf by the assessee, that he is
unable for good and sufficient reasons to pay the additional amount of
income-tax referred to in sub-section (2A) within the time specified in that
sub-section, it may extend the time for payment of the amount which remains
unpaid or allow payment thereof by installments if the assessee furnishes
adequate security for the payment thereof.]
74[R34] (2C)
Where the additional amount of income-tax is not paid within the time specified
under sub-section (2A), then, whether or not the Settlement Commission has
extended the time for payment of the amount which remains unpaid or has allowed
payment thereof by installments under sub-section
(2B), the assessee shall be liable
to pay simple interest at fifteen per cent per annum on the amount remaining
unpaid from the date of expiry of the period of thirty-five days referred to in
sub-section (2A)].
74[R35] (2D)
Where the additional amount of income-tax referred to in sub-section (2A) is
not paid by the assessee within the time specified under that sub-section or
extended under sub-section (2B), as the case may be, the Settlement Commission
may direct that the amount of income-tax remaining unpaid, together with any
interest payable thereon under sub-section (2C), be recovered and any penalty
for default in making payment of such additional amount may be imposed and
recovered, in accordance with the provisions of Chapter XVII, by the 75-76[R36] [Assessing]
Officer having jurisdiction over the assessee.]
(3) Where an application is allowed to be
proceeded with under sub-section (1), the Settlement Commission may call for
the relevant records from the Commissioner and after examination of such
records, if the Settlement Commission is of the opinion that any further
enquiry or investigation in the matter is necessary, it may direct the
Commissioner to make or cause to be made such further enquiry or investigation
and furnish a report on the matters covered by the application and any other
matter relating to the case.
(4) After examination of the records and the
report of the Commissioner, received under sub-section (1), and the report, if
any, of the Commissioner received under sub-section (3), and after giving an
opportunity to the applicant and to the Commissioner to be heard, either in
person or through a representative duly authorised in this behalf, and after
examining such further evidence as may be placed before it or obtained by it,
the Settlement Commission may, in accordance with the provisions of this Act,
pass such order as it thinks fit on the matters covered by the application and
any other matter relating to the case not covered by the application, but
referred to in the report of the Commissioner under sub-section (1) or
sub-section (3).
77[R37] (4A)
In every application allowed to be
proceeded with under sub-section (1), the Settlement Commission shall, where it
is possible, pass an order under sub-section (4) within a period of four years
from the end of the financial year in which such application was allowed to be
proceeded with.]
78[R38] (5) Subject to the provisions of section
245BA, the materials brought on record
before the Settlement Commission shall be considered by the Members of the
concerned Bench before passing any order under sub-section (4) and, in relation
to the passing of such order, the provisions of section 245BD shall apply.]
(6) Every order passed under sub-section (4)
shall provide for the terms of settlement79[R39]
including any demand by way of 80[R40] [tax,
penalty or interest], the manner in which any sum due under the settlement79[R41]
shall be paid and all other matters to make the settlement effective and shall
also provide that the settlement shall be void if it is subsequently found by
the Settlement Commission that it has been obtained by fraud or
misrepresentation of facts.
81[R42] (6A)
Where any tax payable in pursuance of an order under sub-section (4) is not
paid by the assessee within thirty-five days of the receipt of a copy of the
order by him, then, whether or not the Settlement Commission has extended the
time for payment of such tax or has allowed payment thereof by installments,
the assessee shall be liable to pay simple interest at fifteen per cent per
annum on the amount remaining unpaid from the date of expiry of the period of
thirty-five days aforesaid.]
(7) Where a settlement becomes void as
provided under sub-section (6), the proceedings with respect to the matters
covered by the settlement shall be deemed to have been revived from the stage
at which the application was allowed to be proceeded with by the Settlement
Commission and the income-tax authority concerned, may, notwithstanding
anything contained in any other provision of this Act, complete such
proceedings at any time before the expiry of two years from the end of the
financial year in which the settlement became void.
82[R43] (8) For the removal of doubts, it is hereby
declared that nothing contained in section 153 shall apply to any order passed under sub-section (4) or to any order
of assessment, reassessment or recomputation required to be made by the 83[R44] [Assessing]
Officer in pursuance of any directions contained in such order passed by the
Settlement Commission 84[R45] [and
nothing contained in the proviso to sub-section (1) of section 186 shall apply
to the cancellation of the registration of a firm required to be made in
pursuance of any such directions as aforesaid.]]
85[R46] Power of Settlement Commission to order
provisional attachment to protect revenue.
245DD. (1) Where,
during the pendency of any proceeding before it, the Settlement Commission is
of the opinion that for the purpose of protecting the interests of the revenue
it is necessary so to do, it may, by order, attach provisionally any property
belonging to the applicant in the manner provided in the Second Schedule :
Provided that where a provisional attachment made under
section 281B is pending
immediately before an application is made under section 245C, an order under this sub-section shall
continue such provisional attachment up to the period up to which an order made
under section 281B would have
continued if such application had not been made :
Provided
further that where the
Settlement Commission passes an order under this sub-section after the expiry
of the period referred to in the preceding proviso, the provisions of
sub-section (2) shall apply to such order as if the said order had originally
been passed by the Settlement Commission.
(2) Every
provisional attachment made by the Settlement Commission under sub-section (1)
shall cease to have effect after the expiry of a period of six months from the
date of the order made under sub-section (1) :
Provided that the Settlement Commission may, for
reasons to be recorded in writing, extend the aforesaid period by such further
period or periods as it thinks fit, so, however, that the total period of extension
shall not in any case exceed two years.]
Power
of Settlement Commission to reopen completed proceedings.
245E. If the Settlement
Commission is of the opinion (the reasons for such opinion to be recorded by it
in writing) that, for the proper disposal of the case pending before it, it is
necessary or expedient to reopen any proceeding connected with the case but
which has been completed 86[R47] [* *
*] under this Act by any income-tax authority before the application under section
245C was made, it may, with the
concurrence of the applicant, reopen such proceeding and pass such order
thereon as it thinks fit, as if the case in relation to which the application
for settlement had been made by the applicant under that section covered such
proceeding also :
87[R48] Provided that no proceeding shall be reopened by the
Settlement Commission under this section if the period between the end of the
assessment year to which such a proceeding relates and the date of application
for settlement under section 245C
exceeds nine years.]
Powers
and procedure of Settlement Commission.
245F. (1) In
addition to the powers conferred on the Settlement Commission under this
Chapter, it shall have all the powers which are vested in an income-tax
authority under this Act.
(2) Where an application made under section 245C has been allowed to be proceeded with under section
245D, the Settlement Commission shall,
until an order is passed under sub-section (4) of section 245D, have, subject to the provisions of
sub-section (3) of that section, exclusive jurisdiction to exercise the powers
and perform the functions of an income-tax authority under this Act in relation
to the case.
(3) Notwithstanding anything contained in sub-section (2) and
in the absence of any express direction to the contrary by the Settlement
Commission, nothing contained in this section shall affect the operation of any
other provision of this Act requiring the applicant to pay tax on the basis of
self-assessment 88[R49] [* *
*] in relation to the matters before the Settlement Commission.
(4) For the removal of doubt, it is hereby declared that, in
the absence of any express direction by the Settlement Commission to the
contrary, nothing in this Chapter shall affect the operation of the provisions
of this Act in so far as they relate to any matters other than those before the
Settlement Commission.
91[R52] (7) The Settlement Commission shall,
subject to the provisions of this Chapter, have power to regulate its own
procedure and the procedure of Benches thereof in all matters arising out of
the exercise of its powers or of the discharge of its functions, including the
places at which the Benches shall hold their sittings.]
245G. 92[R53] No person
shall be entitled to inspect, or obtain copies of, any reports made by any
income-tax authority to the Settlement Commission; but the Settlement
Commission may, in its discretion, furnish copies thereof to any such person on
an application made to it in this behalf and on payment of the prescribed fee :
Provided that, for the purpose of enabling any person whose case is under
consideration to rebut any evidence brought on record against him in any such
report, the Settlement Commission shall, on an application made in this behalf,
and on payment of the prescribed fee by such person, furnish him with a
certified copy of any such report or part thereof relevant for the purpose.
Power
of Settlement Commission to grant immunity from prosecution and penalty.
245H. (1) The
Settlement Commission may, if it is satisfied that any person who made the
application for settlement under section 245C has co-operated with the Settlement Commission in the proceedings
before it and has made a full and true disclosure of his income and the manner
in which such income has been derived, grant to such person, subject to such
conditions as it may think fit to impose, immunity from prosecution for any
offence under this Act or under the Indian Penal Code (45 of 1860) or under any
other Central Act for the time being in force and also 93[R54] [(either
wholly or in part)] from the imposition of any penalty under this Act, with
respect to the case covered by the settlement :
94[R55] [Provided
that no such immunity shall be granted by the Settlement Commission in cases
where the proceedings for the prosecution for any such offence have been
instituted before the date of receipt of the application under section
245C.]
94[R56] (1A)
An immunity granted to a person under sub-section (1) shall stand withdrawn if
such person fails to pay any sum specified in the order of settlement passed
under sub-section (4) of section 245D within the time specified in such order or within such further time as
may be allowed by the Settlement Commission, or fails to comply with any other
condition subject to which the immunity was granted and thereupon the
provisions of this Act shall apply as if such immunity had not been granted.]
(2) An immunity granted to a person under sub-section (1) may, at
any time, be withdrawn by the Settlement Commission, if it is satisfied that
such person 95[R57] [* *
*] had, in the course of the settlement proceedings, concealed any particulars
material to the settlement or had given false evidence, and thereupon such
person may be tried for the offence with respect to which the immunity was
granted or for any other offence of which he appears to have been guilty in
connection with the settlement and shall also become liable to the imposition
of any penalty under this Act to which such person would have been liable, had
not such immunity been granted.
245HA. 96[R58] [Omitted by the Finance Act, 2002, w.e.f.
1-6-2002.]
Order of settlement to be conclusive.
245-I. Every order of settlement passed under
sub-section (4) of section 245D
shall be conclusive as to the matters stated therein and no matter covered by
such order shall, save as otherwise provided in this Chapter, be reopened in
any proceeding under this Act or under any other law for the time being in
force.
Recovery of sums due under order of settlement.
245J. Any sum specified
in an order of settlement passed under sub-section (4) of section 245D may, subject to such conditions, if any, as
may be specified therein, be recovered, and any penalty for default in making
payment of such sum may be imposed and recovered in accordance with the
provisions of Chapter XVII, by the 97[R59] [Assessing]
Officer having jurisdiction over the person who made the application for
settlement under section 245C
Bar on subsequent application for settlement in certain cases.
245K. Where,—
(i) an order of settlement passed under
sub-section (4) of section 245D provides for the imposition of a penalty on the
person who made the application under section 245C for settlement, on the
ground of concealment of particulars of his income; or
(ii) after the passing of an order of
settlement under the said sub-section (4) in relation to a case, such person is
convicted of any offence under Chapter XXII in relation to that case; 98[R60] [or]
99[R61] (iii) the
case of such person is sent back to the 1[R62] [Assessing]
Officer by the Settlement Commission under section 245HA,]then,
he shall not be entitled to apply for settlement under section 245C in relation to any other matter.
Proceedings before Settlement Commission to be judicial
proceedings.
245L. Any proceeding
under this Chapter before the Settlement Commission shall be deemed to be a judicial
proceeding within the meaning of sections 193 and 228, and for the purposes of
section 196, of the Indian Penal Code (45 of 1860).
245M. 2[R63] [Omitted by the Finance Act, 1987, w.e.f. 1-6-1987.]
[R1]Chapter XIX-A, consisting of sections 245A to 245M, inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.
[R2]Substituted by the Finance Act, 1987, w.e.f. 1-6-1987. Prior to its substitution, section 245A was amended by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978 and Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984
[R3]Words ‘(hereafter in this Chapter referred to as “the Settlement Commission”)’ omitted by the Finance Act, 1987, w.e.f. 1-6-1987
[R4]Substituted for “and two other members” by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R5]Omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. Prior to its omission, sub-section (2A) was inserted by the Finance Act, 1982, w.e.f. 1-4-1982
[R6]Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R7]Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R8]Second proviso omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R9]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R10]Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991
[R12]Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991
[R13]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R14]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R15]Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R16]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R17]See rule 44C and Form No. 34B for form of application for settlement of case. Application should be accompanied by a fee of Rs. 500
[R18]Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984:
[R20]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R21]Substituted by the Finance Act, 1987, w.e.f. 1-6-1987.
[R22]Substituted for “fifty” by the Finance Act, 1995, w.e.f. 1-7-1995
[R23]Substituted by the Finance Act, 1987, w.e.f. 1-6-1987
[R24]Substituted by the Finance Act, 1987, w.e.f. 1-6-1987
[R25]Omitted by the Finance Act, 2002, w.e.f. 1-6-2002
[R26]Fee prescribed is Rs. 500
[R27]See rule 44CA and Form No. 34B
[R28]Substituted for “the Settlement Commission may, by order, allow the application to be proceeded with or reject the application” by the Finance Act, 2002, w.e.f. 1-6-2002
[R29]Substituted by the Finance Act, 1995, w.e.f. 1-7-1995. Prior to its
substitution, the second proviso, as earlier
omitted by the Finance Act, 1979, w.e.f. 1-4-1979 and later inserted by
the Finance (No. 2) Act, 1991, w.e.f. 27-9-1991, read as under :
“Provided further that the Commissioner shall furnish the report within a period of one hundred and twenty days of the receipt of communication from the Settlement Commission in case of all applications made under section 245C on or after the date on which the Finance (No. 2) Bill, 1991 receive the assent of the President and if the Commissioner fails to furnish the report within the said period, the Settlement Commission may make the order without such report.”
[R30]Prior to omission, sub-section (1A) was inserted by the Finance Act, 1979, w.e.f. 1-4-1979 and amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1984
[R31]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.
[R32]Inserted by the Finance Act, 1985, w.r.e.f. 1-10-1984
[R33]Inserted by the Finance Act, 1985, w.r.e.f. 1-10-1984
[R34]Inserted by the Finance Act, 1985, w.r.e.f. 1-10-1984.
[R35]Inserted by the Finance Act, 1985, w.r.e.f. 1-10-1984.
[R36]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R37]Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.
[R38]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987. Original sub-section (5), as amended by the Finance Act, 1982, w.e.f. 1-4-1982, was omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R40]Substituted for “tax or penalty” by the Finance Act, 1987, w.e.f. 1-6-1987. Earlier “tax or penalty” was substituted for “tax, penalty or interest” by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984
[R42]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.
[R43]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.
[R44]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R45]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.
[R46]Inserted by the Finance Act, 1988, w.e.f. 1-4-1988
[R47]“under the Indian Income-tax Act, 1922 (11 of 1922), or” omitted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.
[R48]Substituted by the Finance Act, 1987, w.e.f. 1-6-1987
[R49]“or by way of advance tax” omitted by the Finance Act, 1987, w.e.f. 1-6-1987
[R50]Omitted by way of advance tax” omitted by the Finance Act, 1987, w.e.f. 1-6-1987. Original sub-section (5) was earlier substituted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R51] Omitted by the Finance Act, 1987, w.e.f. 1-6-1987. Original sub-section (6) was inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986
[R52]Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.
[R53]See rule 44D
[R54]Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984
[R55]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987
[R56]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.
[R57]“has not complied with the conditions subject to which the immunity was granted or that such person” omitted by the Finance Act, 1987, w.e.f. 1-6-1987
[R58]Prior to its omission, section 245HA was inserted by the Finance Act, 1987, w.e.f. 1-6-1987 and amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R59]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.
[R60]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.
[R61]Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.
[R62]Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988
[R63]Prior to its omission, section 245M was inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976 and later amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.