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of <h1>Settlement Commission Can Overrule Commissioner Objections on Income or Wealth Concealment Applications After Hearing.</h1> The circular addresses the process of handling applications under section 245C of the Income-tax Act, 1961, and section 22C of the Wealth-tax Act, 1957, by the Settlement Commission. It explains that if the Commissioner objects to an application due to potential income or wealth concealment or fraud, the Settlement Commission can review and overrule this objection after a hearing. If an application is initially dismissed without a hearing, the assessee can request reconsideration. The Commissioner can revise their stance based on new facts or misappreciation of previous facts. The process emphasizes statutory seriousness and adherence to public revenue duties.
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