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TMI BlogProcedure on receipt of an application under section 245CX X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of sub-section (1) of this section, as they stood immediately before their amendment by the Finance Act, 2007, has not been made before the 1st day of June, 2007, such application shall be deemed to have been allowed to be proceeded with if the additional tax on the income disclosed in such application and the interest thereon is paid on or before the 31st day of July, 2007. Explanation.-In respect of the applications referred to in this sub-section, the 31st day of July, 2007 shall be deemed to be the date of the order of rejection or allowing the application to be proceeded with under sub-section (1). (2B) The Settlement Commission shall,- (i) in respect of an application which is allowed to be proceeded with under sub-section (1), within thirty days from the date on which the application was made; or (ii) in respect of an application referred to in sub-section (2A) which is deemed to have been allowed to be proceeded with under that sub-section, on or before the 7th day of August, 2007, call for a report from the 15[Principal Commissioner or] Commissioner, and the 15[Principal Commissioner or] Commissioner shall furnish the report within a period of thirty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such records, if the Settlement Commission is of the opinion that any further enquiry or investigation in the matter is necessary, it may direct the 15[Principal Commissioner or] Commissioner to make or cause to be made such further enquiry or investigation and furnish a report on the matters covered by the application and any other matter relating to the case, and the 15[Principal Commissioner or] Commissioner shall furnish the report within a period of ninety days of the receipt of communication from the Settlement Commission: Provided that where the 15[Principal Commissioner or] Commissioner does not furnish the report within the aforesaid period, the Settlement Commission may proceed to pass an order under sub-section (4) without such report. (4) After examination of the records and the report of the 15[Principal Commissioner or] Commissioner, if any, received under- (i) sub-section (2B) or sub-section (3), or (ii) the provisions of sub-section (1) as they stood immediately before their amendment by the Finance Act, 2007, and after giving an opportunity to the applicant and to the 15[Principal Commissioner or] Commissioner to be heard, either in person or through a r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y mistake apparent from the record, 18[amend any order passed] under sub-section (4)- (a) at any time within a period of six months from the end of the month in which the order was passed; or (b) at any time within the period of six months from the end of the month in which an application for rectification has been made by the Principal Commissioner or the Commissioner or the applicant, as the case may be: Provided that no application for rectification shall be made by the Principal Commissioner or the Commissioner or the applicant after the expiry of six months from the end of the month in which an order under sub-section (4) is passed by the Settlement Commission: Provided further that an amendment which has the effect of modifying the liability of the applicant shall not be made under this sub-section unless the Settlement Commission has given notice to the applicant and the Principal Commissioner or Commissioner of its intention to do so and has allowed the applicant and the Principal Commissioner or Commissioner an opportunity of being heard.] (7) Where a settlement becomes void as provided under sub-section (6), the proceedings with respect to the matters covered by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the interface between the Interim Board and the assessee in the course of proceedings to the extent technologically feasible; (b) optimising utilisation of the resources through economies of scale and functional specialisation; (c) introducing a mechanism with dynamic jurisdiction. (12) The Central Government may, for the purposes of giving effect to the scheme made under sub-section (11), by notification in the Official Gazette, direct that any of the provisions of this Act shall not apply or shall apply with such exceptions, modifications and adaptations as may be specified in the said notification: Provided that no such direction shall be issued after the 31st day of March, 2023. (13) Every notification issued under sub-section (11) and sub-section (12) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.] ------------------------ Notes :- 1. Substituted by the Finance Act, 2007, w.e.f.1-6-2007. Prior to its substitution, sub-section (1), as amended by the Finance Act, 1995, w.e.f. 1-7-1995, Finance Act, 1979, w.e.f. 1-4-1979, Finance (No. 2) Act, 1991, w.e.f. 27-9-1991 and Finance Act, 2002, w.e.f. 1-6-2002, read as u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee furnishes adequate security for the payment thereof. (2C) Where the additional amount of income-tax is not paid within the time specified under sub-section (2A), then, whether or not the Settlement Commission has extended the time for payment of the amount which remains unpaid or has allowed payment thereof by instalments under sub-section (2B), the assessee shall be liable to pay simple interest at fifteen per cent per annum on the amount remaining unpaid from the date of expiry of the period of thirty-five days referred to in sub-section (2A). (2D) Where the additional amount of income-tax referred to in sub-section (2A) is not paid by the assessee within the time specified under that sub-section or extended under sub-section (2B), as the case may be, the Settlement Commission may direct that the amount of income-tax remaining unpaid, together with any interest payable thereon under sub-section (2C), be recovered and any penalty for default in making payment of such additional amount may be imposed and recovered, in accordance with the provisions of Chapter XVII, by the Assessing Officer having jurisdiction over the assessee." 4. Sub-sections (3), (4) and (4A) substi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; shall be substituted for "fifteen per cent per annum" by the Finance Act, 2007, w.e.f.1-4-2008. 9. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 10. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 11. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987. 12. In sub-section (4A), in clause (ii), after the words, figures and letters "the 1st day of June, 2007", the words, figures and letters "but before the 1st day of June, 2010" has been inserted vide Finance Act, 2010 w.e.f. 01.04.2010. 13. After clause (ii), the clause (iii) has been inserted vide Finance Act, 2010 w.e.f. the 01.06.2010. 14. Inserted vide Finance Act, 2011 w.e.f. 1.6.2011 15. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013. 16. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015, before it was read as, "14[(6B) The Settlement Commission may, at any time within a period of six months from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (4): Provided that an amendment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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