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of <h1>New Chapter V in Central Excise Act: Establishes Settlement Commission for Resolving Excise Duty Disputes, Granting Immunity, and More.</h1> The Finance (No. 2) Act, 1998, introduces a new Chapter V in the Central Excise Act, focusing on the settlement of cases. It establishes the Customs and Central Excise Settlement Commission to facilitate the resolution of excise duty disputes. The Commission is composed of a Chairman, Vice-Chairmen, and Members appointed by the Central Government. It has the authority to settle cases, grant immunity from prosecution, and reopen completed proceedings if necessary. The Commission can also provisionally attach property to protect revenue and regulate its own procedures. Applications for settlement must disclose duty liabilities and meet specific criteria, and the Commission's orders are conclusive and enforceable.
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