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Procedure on receipt of an application under section 245C
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....sub-section (1) of this section, as they stood immediately before their amendment by the Finance Act, 2007, has not been made before the 1st day of June, 2007, such application shall be deemed to have been allowed to be proceeded with if the additional tax on the income disclosed in such application and the interest thereon is paid on or before the 31st day of July, 2007. Explanation.-In respect of the applications referred to in this sub-section, the 31st day of July, 2007 shall be deemed to be the date of the order of rejection or allowing the application to be proceeded with under sub-section (1). (2B) The Settlement Commission shall,- (i) in respect of an application which is allowed to be proceeded with under sub-section (1), within thirty days from the date on which the application was made; or (ii) in respect of an application referred to in sub-section (2A) which is deemed to have been allowed to be proceeded with under that sub-section, on or before the 7th day of August, 2007, call for a report from the ^27A[Principal Commissioner or Commissioner], and the ^27B[Principal Commissioner or Commissioner] shall furnish the report within a period....
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....Principal Commissioner or Commissioner] and after examination of such records, if the Settlement ^27H[Principal Commissioner or Commissioner] is of the opinion that any further enquiry or investigation in the matter is necessary, it may direct the ^27I[Principal Commissioner or Commissioner] to make or cause to be made such further enquiry or investigation and furnish a report on the matters covered by the application and any other matter relating to the case, and the Commissioner shall furnish the report within a period of ninety days of the receipt of communication from the Settlement Commission: Provided that where the ^27J[Principal Commissioner or Commissioner] does not furnish the report within the aforesaid period, the Settlement Commission may proceed to pass an order under sub-section (4) without such report. (4) After examination of the records and the report of the ^27K[Principal Commissioner or Commissioner], if any, received under- (i) sub-section (2B) or sub-section (3), or (ii) the provisions of sub-section (1) as they stood immediately before their amendment by the Finance Act, 2007, and after giving an opportunity to the applicant and to ....
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....m the date of expiry of the period of thirty-five days aforesaid.] ^28[(6B) The Settlement Commission may, with a view to rectifying any mistake apparent from the record, ^30[amend any order passed] under sub-section (4)- (a) at any time within a period of six months from the end of the month in which the order was passed; or (b) at any time within the period of six months from the end of the month in which an application for rectification has been made by the Principal Commissioner or the Commissioner or the applicant, as the case may be: Provided that no application for rectification shall be made by the Principal Commissioner or the Commissioner or the applicant after the expiry of six months from the end of the month in which an order under sub-section (4) is passed by the Settlement Commission: Provided further that an amendment which has the effect of modifying the liability of the applicant shall not be made under this sub-section unless the Settlement Commission has given notice to the applicant and the Principal Commissioner or Commissioner of its intention to do so and has allowed the applicant and the Principal Commissioner or Commissioner an o....
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.... Gazette, make a scheme, for the purposes of settlement in respect of pending applications by the Interim Board, so as to impart greater efficiency, transparency and accountability by- (a) eliminating the interface between the Interim Board and the assessee in the course of proceedings to the extent technologically feasible; (b) optimising utilisation of the resources through economies of scale and functional specialisation; (c) introducing a mechanism with dynamic jurisdiction. (12) The Central Government may, for the purposes of giving effect to the scheme made under sub-section (11), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the said notification: Provided that no such direction shall be issued after the 31st day of March, 2023. (13) Every notification issued under sub-section (11) and sub-section (12) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.] ************** NOTES:- 1. Inserted vide Section ....
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.... Substituted vide Section 61 of the Finance Act, 1987 w.e.f. 01-06-1987 before it was read as, "^7[tax or penalty]" 14. Inserted vide Section 61 of the Finance Act, 1987 w.e.f. 01-06-1987 15. Inserted vide Section 66 of the Finance (No. 2) Act, 1991 w.e.f. 27-09-1991 16. Omitted vide Section 66 of the Finance (No. 2) Act, 1991 w.e.f. 27-09-1991 before it was read as, "^3[(1A) Notwithstanding anything contained in sub-section (1), an application shall not be proceeded with under that sub-section if the Commissioner objects to the application being proceeded with on the ground that concealment of particulars of income on the part of the applicant or perpetration of fraud by him for evading any tax or other sum chargeable or imposable ^5[****] under this Act, has been established or is likely to be established by any income-tax authority, in relation to the case : Provided that where the Settlement Commission is not satisfied with the correctness of the objection raised by the Commissioner, the Settlement Commission may, after giving the Commissioner an opportunity of being heard, by order,....
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....;before it was read as, "^6[(2A) Subject to the provisions of sub-section (2B), the assesses shall, within thirty-five days of the receipt of a copy of the order under sub-section (1) ^10[allowing the application to be proceeded with], pay the additional amount of income-tax payable on the income disclosed in the application and shall furnish proof of such payment to the Settlement Commission. (2B) If the Settlement Commission is satisfied, on an application made in this behalf by the assessee, that he is unable for good and sufficient reasons to pay the additional amount of income-tax referred to in sub-section (2A) within the time specified in that sub-section, it may extend the time for payment of the amount which remains unpaid or allow payment thereof by instalments if the assessee furnishes adequate security for the payment thereof. (2C) Where the additional amount of income-tax is not paid within the time specified under sub-section (2A), then, whether or not the Settlement Commission has extended the time for payment of the amount which remains unpaid or has allowed payment thereof by instalments under sub-section (2B), the assessee shall be....
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....eriod of four years from the end of the financial year in which such application was allowed to be proceeded with.]" 23. Substituted vide Section 64 of the Finance Act, 2007 w.e.f. 01-04-2008 before it was read as, "fifteen per cent. per annum" 24. Inserted vide Section 47 of the Finance Act, 2010 w.e.f. 01-04-2010 25. Inserted vide Section 47 of the Finance Act, 2010 w.e.f. 01-06-2010 26. Inserted vide Section 30 of the Finance Act, 2011 w.e.f. 01-06-2011 27. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Commissioner" 27A. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Commissioner" 27B. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Commissioner" 27C. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Commissioner" 27D. Substituted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 before it was read as, "Commissioner....