Section 245C Application for settlement of cases.

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The Tax Publishers 245C. Application for settlement of cases. [1][(1) An assessee may, at any stage of a case relating to him, make an application in such [2]form and in such manner as may be prescribed, and containing a full and true disclosure of his income which has not been disclosed before the [3][Assessing] Officer, the manner in which such income has been derived, the additional amount of income-tax payable on such income and such other particulars as may be prescribed, to the Settlement Commission to have the case settled and any such application shall be disposed of in the manner hereinafter provided : [4][Provided that no such application shall be made unless, (i) in a case where proceedings for assessment or reassessment for any of the assessment years referred to in clause (b) of sub-section (1) of Section 153A or clause (b) of sub-section (1) of Section 153B in case of a person referred to in Section 153A or Section 153C have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees, [5][(ia) in a case where (A) the applicant is related to the person referred to in clause (i) who has filed an application (hereafter in this sub-section referred to as specified person); and (B) the proceedings for assessment or re-assessment for any of the assessment years referred to in clause (b) of sub-section (1) of Section 153A or clause (b) of sub-section (1) of Section 153B in case of the applicant, being a person referred to in Section 153A or Section 153C, have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees,] (ii) in any other case, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees, and such tax and the interest thereon, which would have been paid under the provisions of this Act had the income disclosed in the application been declared in the return of income before the Assessing Officer on the date of application, has been paid on or before the date of making the application and the proof of such payment is attached with the application.] SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

245C. Application for settlement of cases.

[1][(1) An assessee may, at any stage of a case relating to him, make an application in such [2]form and in such manner as may be prescribed, and containing a full and true disclosure of his income which has not been disclosed before the [3][Assessing] Officer, the manner in which such income has been derived, the additional amount of income-tax payable on such income and such other particulars as may be prescribed, to the Settlement Commission to have the case settled and any such application shall be disposed of in the manner hereinafter provided :

[4][Provided that no such application shall be made unless,

(i) in a case where proceedings for assessment or reassessment for any of the assessment years referred to in clause (b) of sub-section (1) of Section 153A or clause (b) of sub-section (1) of Section 153B in case of a person referred to in Section 153A or Section 153C have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees,

[5][(ia) in a case where

(A) the applicant is related to the person referred to in clause (i) who has filed an application (hereafter in this sub-section referred to as specified person); and

(B) the proceedings for assessment or re-assessment for any of the assessment years referred to in clause (b) of sub-section (1) of Section 153A or clause (b) of sub-section (1) of Section 153B in case of the applicant, being a person referred to in Section 153A or Section 153C, have been initiated,

the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees,]

(ii) in any other case, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees,

and such tax and the interest thereon, which would have been paid under the provisions of this Act had the income disclosed in the application been declared in the return of income before the Assessing Officer on the date of application, has been paid on or before the date of making the application and the proof of such payment is attached with the application.]