Clause 55 - Insertion of new section 245AA. - Finance Bill, 2021

Insertion of new section 245AA. 55. After section 245A of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of February, 2021, namely: Interim Boards for Settlement. 245AA. (1) The Central Government shall constitute one or more Interim Boards for Settlement, as may be necessary, for the settlement of pending applications. (2) Every Interim Board shall consist of three members, each being an officer of the rank of Chief Commissioner, as may be nominated by the Board. . (3) If the Members of the Interim Board differ in opinion on any point, the point shall be decided according to the opinion of the majority. .