Dispute Resolution Committee

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....ubject to such conditions, as may be prescribed, shall have the powers to reduce or ^4[waive any penalty imposed or imposable] under this Act or grant immunity from prosecution for any offence punishable under this Act in case of a person whose dispute is resolved under this Chapter. ^2[(2A) Notwithstanding anything contained in section 144C, upon receipt of the order of the Dispute Resolution Committee under this section, the Assessing Officer shall,- (a) in a case where the specified order is a draft of the proposed order of assessment under sub-section (1) of section 144C, pass an order of assessment, reassessment or recomputation; or (b) in any other case, modify the order of assessment, reassessment or recompu....

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....tion is issued, be laid before each House of Parliament. Explanation.-For the purposes of this section,- (a) "specified conditions" in relation to a person means a person who fulfils the following conditions, namely:- (I) where he is not a person,- (A) in respect of whom an order of detention has been made under the provisions of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974): Provided that- (i) such order of detention, being an order to which the provisions of section 9 or section 12A of the said Act do not apply, has been revoked on the report of the Advisory Board under section 8 of the said Act or before the receipt of the report of the A....

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....hable under the provisions of this Act or the Indian Penal Code (45 of 1860) or for the purpose of enforcement of any civil liability under any law for the time being in force, or such person has been convicted of any such offence consequent upon the prosecution initiated by an Income-tax authority; (D) who is notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 (27 of 1992); (II) such other conditions, as may be prescribed. (b) "specified order" means such order, including draft order, as may be specified by the Board, and,- (i) aggregate sum of variations proposed or made in such order does not exceed ten lakh rupees; (ii) such order....