Application for settlement of cases.
273. (1) An assessee may, at any stage of a case relating to him, make an application to the Settlement Commission in such form and manner as may be prescribed, to have the case settled.
(2) The application made under sub-section (1) by an assessee shall contain -
(a) a full and true disclosure of his income or wealth which has not been disclosed before the Assessing Officer;
(b) the manner in which such income or wealth has been derived;
(c) the details of additional amount of income-tax or wealth-tax payable on such income or wealth along with the proof of payment of such tax; and
(d) such other particulars as may be prescribed.
(3) The application under sub-section (1) shall not be made unless -
(a) the assessee has furnished the return of tax bases which he is or was required to furnish under any of the provisions of this Code; and
(b) the additional amount of income-tax payable on the income disclosed in the application exceeds,—
(i) fifty lakh rupees in a case where proceedings for assessment or reassessment way financial year have been initiated in consequence of an action under section 135 or section 136, as the case may be;
(ii) ten lakh rupees in any other case; and
(c) the additional amount of income-tax or wealth-tax payable together with interest has been paid on or before the date of making the application and proof of such payment is submitted with the application.
(4) Every application made under sub-section (1) shall be accompanied by such fees as may be prescribed.
(5) The assessee shall not be allowed to withdraw an application made by him under sub-section (1).
(6) The assessee shall, on the date on which he makes an application under subsection (1) to the Settlement Commission, also intimate the Assessing Officer in such manner as may be prescribed, of having made such application to the Settlement Commission.
