Extension of time for disposing pending rectification applications by Interim Board for Settlement

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.... of the Act lays down the procedure for Settlement Commission upon receiving an application for settlement by an assessee. The section also provides the timelines to be followed with respect to settlement or disposal of pending applications and also the procedures to be followed in this regard. 2. The Act was amended vide Finance Act, 2021 with retrospective effect from 01.02.2021, abolishing the....

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....ng application is less than 60 days, such period shall be extended to 60 days. Therefore, as per the provisions of clause (iv) of sub-section (9) of section 245D, the period between 01.02.2021 till 10.08.2021 (when the order constituting IBS was issued) shall be excluded for computing the time-limit. 4. In this regard, grievances have been received from the stakeholders regarding extension of tim....