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of <h1>Assessee may apply disclosing income, pay fees/taxes; related-party thresholds, year-wise computation, no withdrawal, no new applications after Feb 1, 2021</h1> An assessee may apply to the Settlement Commission, at any stage of a case, with a full disclosure of previously undisclosed income, its derivation, tax liability and prescribed particulars; applications must meet prescribed fee, payment and minimum additional-tax thresholds (higher thresholds for cases linked to searches or specified related persons) and include proof of tax and interest paid as if declared earlier. The statute defines 'related/related-interest' and 'substantial interest,' prescribes computation rules when income relates to one or multiple years, bars withdrawal of applications, requires intimation to the assessing officer, and disallows new applications on or after 1 February 2021.
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