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of <h1>Amendment to Section 245C: Assessees can settle cases if additional tax on undisclosed income exceeds 50,000.</h1> Section 245C of the Income-tax Act was amended by the Taxation Laws (Amendment) Act, 1984, effective October 1, 1984. It allows an assessee to apply to the Settlement Commission for a case settlement, provided the additional income-tax payable on undisclosed income exceeds fifty thousand rupees. The amendment outlines the calculation of additional tax based on the income disclosed for one or multiple years, considering prior assessments and tax payments. Applications are restricted for 120 days if assets are seized under section 132.
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