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of <h1>Finance Act 1987 Amends Section 245D: New Review Process for Settlement Commission, Changes to Firm Registration and Interest Inclusion.</h1> Section 245D of the Income-tax Act was amended by the Finance Act, 1987, effective June 1, 1987. A new sub-section (5) was added, mandating that materials presented to the Settlement Commission must be reviewed by the Bench Members before issuing orders under sub-section (4), with section 245BD provisions applicable. Sub-section (6) was revised to include 'interest' alongside 'tax or penalty.' Additionally, sub-section (8) was modified to state that the proviso to sub-section (1) of section 186 does not apply to firm registration cancellations directed by the Settlement Commission.
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