Section 17 - Amendment of section 245F - Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986

17. Amendment of section 245F. In section 245F of the Income-tax Act, for sub-section (5), the following sub-sections shall be substituted, namely: - (5) The powers or functions of the Settlement Commission may be exercised or discharged by Benches constituted by the Chairman of the Settlement Commission from amongst the members thereof. (6) A Bench constituted under sub-section (5) shall consist of three members, one of whom shall be the Chairman or a Vice- Chairman. (7) The Settlement Commission shall, subject to the provisions of this Chapter, have power to regulate its own procedure and the procedure of Benches thereof in all matters arising out of the exercise of its powers or of the discharge of its functions, including the places at which the Benches shall hold their sittings. .