Clarification in respect of Circular No.3 of 2008 dated 12/3/2008 of CBDT – reg.

Deemed completion of assessment clarified as date assessment order is passed; settlement applications allowed after intimation.

Para 61.2 is replaced (with effect from 1 June 2007) to clarify that an assessee may apply to the Settlement Commission only during pendency before the Assessing Officer; intimation under section 143(1) is not an assessment order and does not bar filing an application after such intimation; and an assessment is deemed to have been completed on the date on which the assessment order is passed.