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of <h1>Finance Bill 2021 amends Section 245A of Income-tax Act, defines 'Interim Board' and 'pending application' for case settlements.</h1> Clause 54 of the Finance Bill, 2021 amends section 245A of the Income-tax Act, effective from February 1, 2021. It introduces definitions for 'Interim Board,' referring to the Interim Board for Settlement under section 245AA, and 'Member of the Interim Board.' The term 'pending application' is defined as an application filed under section 245C that was not declared invalid under section 245D(2C) and had no order issued under section 245D(4) by January 31, 2021. These amendments aim to clarify terms related to the settlement of cases by the Income-tax Settlement Commission.
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