Rule 7 - Filing of statement of facts and terms of settlement - Income-tax Settlement Commission (Procedure) Rules, 1976

7. Filing of statement of facts and terms of settlement.-- (1) Where an order is passed by the Commission under sub-section (1) of section 245D allowing the application to be proceeded with, a notice shall be issued by the Commission to the applicant requiring him to furnish in quintuplicate-- ( a ) a full and true statement of facts regarding the matters to be settled (including the manner in which any income disclosed or proposed to be disclosed by the applicant has been derived) ; and where the settlement involves determination of income, accompanied with annexures containing-- ( i ) computation of total income of the applicant for the assessment year or years to which the settlement application relates, in accordance with the provisions of the Act ; ( ii ) copies of manufacturing account or trading account or both, as the case may be ; profit and loss account or income and expenditure account or any other similar account, as the case may be, and balance-sheet ; and ( iii ) in the case of-- (A) a proprietary business or profession, copy of the personal account of the proprietor ; (B) a firm or association of persons or body of individuals, copies of the personal accounts of the partners or members thereof, as the case maybe ; and (C) a partner of a firm or a member of an association of persons or body of individuals, copies of the personal account of such partner or member in the firm or association of persons or body of individuals, as the case may be ; ( b ) the terms of settlement sought for by the applicant. (2) The statement of facts, the annexures thereto and the terms of settlement shall each be signed separately by the applicant and the statement of facts shall be verified in the following manner, namely :-- I,........................................... [name in full and in block letters] son/daughter/wife of ..................solemnly declare that to the best of my knowledge and belief, the information given in this statement of facts and the annexures accompanying it is correct and complete and other particulars shown therein are truly stated. I further declare that I am making this statement in my capacity as -----(designation) and that I am competent to make this statement of facts and to verify it. .......................... (Signature) Place-- Date --