Section 245B - Income-tax Settlement Commission - Income-tax Act, 1961

Income-tax Settlement Commission. 245B. (1) The Central Government shall constitute a Commission to be called the Income-tax Settlement Commission 1 [* * *] for the settlement of cases under this Chapter. 7 [ Provided that the Income-tax Settlement Commission so constituted shall cease to operate on or after the 1st day of February, 2021. ] (2) The Settlement Commission shall consist of a Chairman 2 [and as many Vice-Chairmen and other members as the Central Government thinks fit] and shall function within the Department of the Central Government dealing with direct taxes. (2A) 3 [* * *] (3) The Chairman 4 [, Vice-Chairman] and other members of the Settlement Commission shall be appointed by the Central Govern ment from amongst persons of integrity and outstanding ability, having special knowledge of, and, experience in, problems relating to direct taxes and business accounts: Provided that, where a member of the Board is appointed as the Chairman 5 [, Vice-Chairman] or as a member of the Settlement Commission, he shall cease to be a member of the Board. 6 [* * *] ------------------ Notes :- 1. Words '(hereafter in this Chapter referred to as the Settlement Commission )' omitted by the Finance Act, 1987, w.e.f. 1-6-1987. 2. Substituted for and two other members by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 3. Omitted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.. Prior to its omission, sub-section (2A) was inserted by the Finance Act, 1982, w.e.f. 1-4-1982. 4. Inserted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 5. Inserted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 6. Second proviso omitted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. 7. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-02-2021