Credit for tax paid: allow refundable credit of tax and interest when settlement applications abate and proceedings lapse. Assessing Officer must allow credit for the tax and interest paid on or before filing a settlement application or during pendency before the Settlement ... Summary
Credit for tax paid: allow refundable credit of tax and interest when settlement applications abate and proceedings lapse.
Assessing Officer must allow credit for the tax and interest paid on or before filing a settlement application or during pendency before the Settlement Commission where that application is rejected, held invalid, not allowed to proceed, or no order is passed within the prescribed period, thereby preserving credit despite abatement of proceedings.
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