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of <h1>Amendment to Section 245C: New Clause Limits Tax Settlement Applications to Cases Involving 'Specified Persons' with High Tax Liability.</h1> Clause 28 of the Finance Bill, 2011 amends section 245C of the Income-tax Act, effective June 1, 2011. It introduces a new clause (ia) to the proviso in sub-section (1), stipulating that applications for settlement cannot be made unless the applicant is related to a 'specified person' who has initiated proceedings under sections 153A or 153C, with an additional income-tax liability exceeding ten lakh rupees. An Explanation is also added to define 'applicant in relation to the specified person' and 'substantial interest,' clarifying relationships and ownership interests relevant to these provisions.
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