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of <h1>CBDT Clarifies Misstatement in Circular on Revised Settlement Scheme under Income-tax Act, Corrects Assessment Completion Definition</h1> Circular No. 16/2014 issued by the Central Board of Direct Taxes clarifies a misstatement in Circular No. 3/2008 concerning the Revised Settlement Scheme under the Income-tax Act, 1961. Initially, it was stated that an assessment was deemed complete upon the service of the assessment order. However, this contradicts the provisions of section 245A, which state that assessment concludes when the order is made. The corrected provision allows an assessee to apply for settlement during proceedings before the Assessing Officer, clarifying that intimation under section 143(1) is not an assessment order, and applications can be filed post-intimation.
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