Amendment of section 245B.
56. In section 245B of the Income-tax Act, in sub-section (1), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of February, 2021, namely:––
“Provided that the Income-tax Settlement Commission so constituted shall cease to operate on or after the 1st day of February, 2021.”.
Notes on Clauses:
Clause 56 of the Bill seeks to amend section 245B of the said Act so as to provide that the Income tax Settlement Commission shall cease to operate on or after the 1st day of February, 2021.
This amendment will take effect retrospectively from 1st February, 2021.
