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of <h1>Section 245M: Assessees Can Withdraw Pending Tax Applications Within 3 Months, Impacting Proceedings and Information Use.</h1> Section 245M, introduced by the Finance Act, 2021, allows an assessee to withdraw a pending application within three months from the Act's commencement, notifying the Assessing Officer accordingly. If not withdrawn, the application is deemed received by an Interim Board upon allocation or transfer. The Interim Board receives all related records from the Settlement Commission. Withdrawal leads to the abatement of proceedings, with the case disposed of as if no application was made. Time limits and interest calculations exclude the period from the application to withdrawal. Information from the Settlement Commission cannot be used by tax authorities, except for independently collected material.
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