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<h1>Section 245C(5) read to treat applications dated 01.02-31.03.2021 as pending and eligible if otherwise in order</h1> SC dismissed the review petition challenging the HC's reading down of Section 245C(5) (as amended by Finance Act, 2021). The HC had held that the ... Review petition - Ceasure of income tax settlement commission - restriction to the filing of the application before the Interim Board for Settlement - by Finance Act, 2021, which was notified on 01.04.2021, the ITSC was abolished and an Interim Board was constituted only to deal with applications pending as of 01.02.2023. As decided by HC [2023 (11) TMI 1111 - MADRAS HIGH COURT] Section 245C(5) of the Income Tax Act, 1961 (as amended by the Finance Act, 2021) is read down by removing the retrospective last date of 1st date of February, 2021 as 31st day of March, 2021. Consequently the last date of eligibility mentioned paragraph 4(i) of the impugned circular dated 28.09.2021 shall also be read as 31.03.2021. All the applications in respect of the petitioners even in respect of the cases arising between 01.02.2021 to 31.03.2021 shall be deemed be pending applications and shall be deemed to be pending applications for the purposes of consideration by the Interim Board.Wherever they are rejected on the ground that they did not have a case pending as on 31.01.2021, such orders shall stand set aside and the applications shall be deemed to be pending applications for the consideration by the Interim Board, if otherwise in order and eligible. HELD THAT:- Having carefully gone through the Review Petition, the order under challenge and the papers annexed therewith, we are satisfied that there is no error apparent on the face of the record or any merit in the Review Petition, warranting reconsideration of the order impugned. Review Petition is, accordingly, dismissed. 'Delay condoned.' The court examined the Review Petition, the impugned order and annexed papers and concluded that 'there is no error apparent on the face of the record or any merit in the Review Petition, warranting reconsideration of the order impugned.' On that basis the Review Petition was dismissed: 'The Review Petition is, accordingly, dismissed.' All pending applications were dealt with: 'Pending application(s), if any, shall stand disposed of.'
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