Credit for tax paid applies when settlement applications are abated or disallowed, allowing credit for tax and interest paid. Where a settlement application under section 245C is rejected, declared invalid, not allowed to proceed, or an order is not passed within the specified ... Summary
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Credit for tax paid applies when settlement applications are abated or disallowed, allowing credit for tax and interest paid.
Where a settlement application under section 245C is rejected, declared invalid, not allowed to proceed, or an order is not passed within the specified time, the Assessing Officer shall allow credit for the tax and interest paid on or before the date of making the application or during the pendency of the case before the Settlement Commission.
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