TMI BlogApplication for settlement of casesX X X X Extracts X X X X X X X X Extracts X X X X ..... 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, 10 [(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 refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssociation of persons or Hindu undivided family having a substantial interest in the business or profession of the specified person or any director, partner or member of such company, firm, association or family, or any relative of such director, partner or member; (v) a company, firm, association of persons or Hindu undivided family of which a director, partner or member, as the case may be, has a substantial interest in the business or profession of the specified person; or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member; (vi) any person who carries on a business or profession,- (A) where the specified person being an individual, or any relative of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of the total income of that year, then, tax shall be calculated on the income disclosed in the application as if such income were the total income; (ii) if the applicant has furnished a return in respect of the total income of that year, tax shall be calculated on the aggregate of the total income returned and the income disclosed in the application as if such aggregate were the total income. ] 6 [(1C) The additional amount of income-tax payable in respect of the income disclosed in the application relating to the previous year referred to in sub-section (1B) shall be,- ( a ) in a case referred to in clause ( i ) of that sub-section, the amount of tax calculated under that clause; ( b ) in a case referred to in clause ( i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 3. Substituted by the Finance Act, 2007, w.e.f. 1-6-2007. Prior to its substitution, the proviso, as substituted by the Finance Act, 1987, w.e.f. 1-6-1987 and later on amended by the Finance Act, 1995, w.e.f. 1-7-1995, read as under : Provided that no such application shall be made unless,- (a) the assessee has furnished the return of income which he is or was required to furnish under any of the provisions of this Act; and (b) the additional amount of income-tax payable on the income disclosed in the application exceeds one hundred thousand rupees. Further , it was substituted vide Finance Act, 2010 with effect from the 1st day of June, 2010, before substitution it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gregate of the total income returned and the income disclosed in the application as if such aggregate were the total income; (iii) if the proceeding pending before the income-tax authority is in the nature of a proceeding for reassessment of the applicant under section 147 or by way of appeal or revision in connection with such reassessment, and the applicant has not furnished a return in respect of the total income of that year in the course of such proceeding for reassessment, tax shall be calculated on the aggregate of the total income as assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147 and the income disclosed in the application as if such aggregate were the total income. 6. Subs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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