Settlement Commission enables taxpayers to apply for case settlement with power to grant immunity and issue conclusive orders.

A new Chapter creates a Settlement Commission with authority to receive non withdrawable applications for settlement of pending income tax cases, call for Commissioner reports, direct further enquiries, hear parties, and pass settlement orders specifying terms, payment arrangements and voidability for fraud; the Commission has the powers of an income tax authority, may grant or withdraw conditional immunity from prosecution and penalty for full disclosure and cooperation, may reopen completed proceedings with concurrence subject to a time limit, and its settlement orders are conclusive and enforceable.

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