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of <h1>Finance Bill 2021 amends section 245H, transferring Settlement Commission powers to Interim Board from February 1, 2021.</h1> In the Finance Bill, 2021, section 245H of the Income-tax Act is amended to transfer the powers of the Settlement Commission to the Interim Board effective from February 1, 2021. This change, along with amendments to sections 245DD, 245F, and 245G, allows the Interim Board to exercise the same powers and functions as the Settlement Commission. The provisions of these sections will apply to the Interim Board in the same manner as they did to the Settlement Commission, and these amendments are applied retrospectively from February 1, 2021.
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