Settlement Commission procedures tightened: strict notice, report and decision timelines with transitional payment conditions and revised interest. Amendment to section 22D imposes strict timelines: the Settlement Commission must issue notice within seven days and, after hearing, either reject or allow an application within fourteen days or it is deemed allowed. Transitional rules deem pre-amendment applications allowed upon payment of additional wealth-tax and interest by the prescribed date. The Commission must call for and receive the Commissioner's report within set periods, may declare applications invalid within fifteen days of the report after hearing, can direct further enquiry with a ninety-day report deadline, and is bound by specified final-order cutoffs; interest rate computation is revised prospectively to a monthly rate.
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Settlement Commission procedures tightened: strict notice, report and decision timelines with transitional payment conditions and revised interest.
Amendment to section 22D imposes strict timelines: the Settlement Commission must issue notice within seven days and, after hearing, either reject or allow an application within fourteen days or it is deemed allowed. Transitional rules deem pre-amendment applications allowed upon payment of additional wealth-tax and interest by the prescribed date. The Commission must call for and receive the Commissioner's report within set periods, may declare applications invalid within fifteen days of the report after hearing, can direct further enquiry with a ninety-day report deadline, and is bound by specified final-order cutoffs; interest rate computation is revised prospectively to a monthly rate.
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