Extension of time for settlement procedures to allow interim boards more time to dispose rectification applications. The Finance Act, 2021 abolished the Settlement Commission retrospectively from 01.02.2021 and authorized Interim Boards for Settlement to handle pending ... Summary
Extension of time for settlement procedures to allow interim boards more time to dispose rectification applications.
The Finance Act, 2021 abolished the Settlement Commission retrospectively from 01.02.2021 and authorized Interim Boards for Settlement to handle pending applications; clause (iv) of sub section (9) of section 245D excluded the period from 01.02.2021 until constitution of the IBS from time limit computation and assured a minimum remaining period, and the Finance Bill, 2023 proposes substituting that clause to extend specified expiring time limits to 30.09.2023 with retrospective effect from 01.02.2021 to allow IBS additional time for disposing rectification and amendment applications.
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