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<h1>Section 245AA Introduced in Income-tax Act: Interim Boards Established for Settling Pending Applications, Effective February 2021</h1> Clause 55 of the Finance Bill, 2021, introduces section 245AA to the Income-tax Act, establishing Interim Boards for the settlement of pending applications. Each board will comprise three members, all officers of the rank of Chief Commissioner, appointed by the Board. In cases of differing opinions among members, decisions will be made based on the majority view. This amendment is effective retrospectively from February 1, 2021.