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of <h1>Assessee may withdraw pending application within three months from Finance Act, 2021 commencement; withdrawal abates settlement and restores Assessing Officer</h1> An assessee with a pending application may withdraw it within three months from the commencement of the Finance Act, 2021, by notifying the Assessing Officer; failure to withdraw causes the application to be deemed received by an Interim Board when allotted or transferred. The Board may allot or transfer pending applications and their records to any Interim Board, which then holds those records. Withdrawal abates Settlement Commission proceedings and restores the case to the Assessing Officer for disposal as if no settlement application had been made, with the application period excluded for specified limitation and interest provisions; material produced before the Commission cannot be used by the tax authority, except material or inquiries the authority itself collected.
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