TMI BlogProcedure on receipt of an application under section 22CX X X X Extracts X X X X X X X X Extracts X X X X ..... y of June, 2007 but an order under the provisions of sub-section (1) of this section, as they stood immediately before their amendment by the Finance Act, 2007, has not been made before the 1st day of June, 2007, such application shall be deemed to have been allowed to be proceeded with if the addition al wealth-tax on the wealth disclosed in such application and the interest thereon is paid on or before the 31st day of July, 2007. Explanation . In respect of the applications referred to in this sub-section, the 31st day of July, 2007 shall be deemed to be the date of the order of rejection or allowing the application to be proceeded with under sub-section (1). (2B) The Settlement Commission shall, (i) in respect of an application which is allowed to be proceeded with under sub-section (1), within thirty days from the date on which the application was made; or (ii) in respect of an application referred to in sub-section (2A) which is deemed to have been allowed to be proceeded with under that sub-section, on or before the 7th day of August, 2007, call for a report from the Commissioner, and the Commissioner shall furnish th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the application and any other matter relating to the case, and the Commissioner shall furnish the report within a period of ninety days of the receipt of communication from the Settlement Commission: Provided that where the Commissioner does not furnish his report within the aforesaid period, the Settlement Commission may pro ceed to pass an order under sub-section (4) without such report. (4) After examination of the records and the report of the Com missioner, if any, received under (i) sub-section (2B) or sub-section (3), or (ii) the provisions of sub-section (1), as they stood imme diately before their amendment by the Finance Act, 2007, and after giving an opportunity to the applicant and to the Commissioner to be heard, either in person or through a represen tative duly authorised in this behalf, and after examining such further evidence as may be placed before it or obtained by it, the Settlement Commission may, in accordance with the provisions of this Act, pass such order as it thinks fit on the matters covered by the application and any other matter relating to the case not covered by the application, but referre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Settlement Commission has given notice to the applicant and the Commissioner of its intention to do so and has allowed the applicant and the Commissioner an opportunity of being heard.] (7) Where a settlement becomes void as provided in sub-section (6), the proceedings with respect to the matters covered by the settlement shall be deemed to have been revived from the stage at which the application was allowed to be proceeded with by the Settlement Commission and the wealth-tax authority concerned may, notwithstanding anything contained in any other provision of this Act, complete such proceedings at any time before the expiry of two years from the end of the financial year in which the settlement became void. 13 [(8) For the removal of doubts, it is hereby declared that nothing contained in section 17A shall apply to any order passed under sub-section (4) or to any order of assessment or reassessment required to be made by the 14 [Assessing Officer] in pursuance of any directions contained in such order passed by the Settlement Commission.] *************** Notes:- 1. Substituted vide Finance Act, 2007, w.e.f. 1-6-2007. Before su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w.e.f. 1-6-2007Before substitution, sub-sections (2A) [as inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984 and amended by the Finance Act, 1985, w.r.e.f. 1-10-1984], (2B), (2C) and (2D) [as amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988], read as under : "(2A) Subject to the provisions of sub-section (2B), the assessee shall, within thirty-five days of the receipt of a copy of the order under sub-section (1) allowing the application to be proceeded with, pay the additional amount of wealth-tax payable on the wealth disclosed in the application and shall furnish proof of such payment to the Settlement Commission. (2B) If the Settlement Commission is satisfied, on an application made in this behalf by the assessee, that he is unable for good and sufficient reasons to pay the additional amount of wealth-tax referred to in sub-section (2A) within the time specified in that sub-section, it may extend the time for payment of the amount which remains unpaid or allow payment thereof by instalments if the assessee furnishes adequate security for the payment thereof. (2C) Where the additional amount of wealth-tax is not paid within the time s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut referred to in the report of the Commissioner under sub-section (1) or sub-section (3). (4A) In every application, allowed to be proceeded with under sub-section (1), the Settlement Commission shall, where it is possible, pass an order under sub-section (4) within a period of four years from the end of the financial year in which such application was allowed to be proceeded with." 6. In sub-section (4A), in clause (ii), after the words, figures and letters "the 1st day of June, 2007", the words, figures and letters "but before the 1st day of June, 2010" has been inserted vide Finance Act, 2010 w.e.f. 01.04.2010. 7. After clause (ii), the clause (iii) has been inserted vide Finance Act, 2010 with effect from the 1st day of June, 2010. 8. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987. Original sub-section (5) was omitted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986. Prior to its omission, sub-section (5), as amended by the Finance Act, 1982, stood as under : "(5) Subject to the provisions of sub-section (2A) of section 22B, the materials brought on record before the Settlement Commission shall be considered by all th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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