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of <h1>New Section 245M: Withdraw Income-Tax Applications Within 3 Months, Protects Against Reuse of Settlement Info by Authorities.</h1> Section 245M, introduced in the Income-tax Act by Clause 65 of the Finance Bill, 2021, allows an assessee to withdraw a pending application filed under section 245C within three months from the commencement of the Finance Act, 2021, by notifying the Assessing Officer. If not withdrawn, the application is deemed received by the Interim Board upon allotment or transfer. Upon withdrawal, proceedings abate, and the case is disposed of by the relevant income-tax authority as if no application was made. Time limits for assessments exclude the period from application to withdrawal. Information used in Settlement Commission proceedings cannot be reused by tax authorities. This amendment is effective from February 1, 2021.
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