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of <h1>Section 22C Amendment: Assessees Can Now Settle Cases with Settlement Commission, Effective October 1, 1984.</h1> The amendment to Section 22C of the Wealth-tax Act, 1957, effective from October 1, 1984, allows an assessee to apply to the Settlement Commission for case settlement. The application must disclose previously undisclosed wealth, its derivation, and the additional wealth-tax payable. The wealth-tax is calculated based on whether the wealth pertains to one or multiple assessment years, with specific provisions for reducing the tax by amounts already paid. An assessee cannot apply within 120 days of a seizure of their documents.
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