Clause 54 - Amendment of section 245A. - Finance Bill, 2021

Amendment of section 245A. 54. In section 245A of the Income-tax Act, with effect from the 1st day of February, 2021, (i) after clause (d), the following clause shall be inserted and shall be deemed to have been inserted, namely: (da) Interim Board means the Interim Board for Settlement constituted under section 245AA; ; (ii) after the clause (e), the following clauses shall be inserted and shall be deemed to have been inserted, namely: (ea) Member of the Interim Board means a Member of the Interim Board; (eb) pending application means an application which was filed under section 245C and which fulfils the following conditions, namely: - (i) it was not declared invalid under sub-section (2C) of section 245D; and (ii) no order under sub-section (4) of section 245D was issued on or before the 31st day of January, 2021 with respect to such application; .