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SETTLEMENT COMMISSION - Budget 2015

Tax in General + Budget + Finance Acts - By: - CS Swati Dodhi - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - SETTLEMENT COMMISSION It is proposed to amend clause (i) of the said Explanation to provide that where a notice under section 148 is issued for any assessment year, the assessee can approach Settlement Commission for other assessment years as well even if notice under section 148 for such other assessment years has not been issued. However, a return of income for such other assessme .....

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concluded on the date on which the assessment is made or on the expiry of two years from the end of relevant assessment year, in a case where no assessment is made. It is proposed to amend sub-section (6B) of section 245D of the Income tax Act to provide that the Settlement Commission may, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (4) - (a) at any time within a period of six months from the end of month in which the order was .....

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. It is proposed to amend sub-section (1) of section 245HA of the Income-tax Act to provide that where in respect of any application made under section 245C, an order under sub-section (4) of section 245D has been passed without providing the terms of settlement the proceedings before the Settlement Commission shall abate on the day on which such order under sub-section (4) of section 245D was passed. It is proposed to amend section 245K of the Income-tax Act to provide that any person related .....

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family in which such person is a karta; Where such person is a company, any individual who held more than fifty percent. of the shares or voting power in such company at any time before the date of application before the Settlement Commission by such person; Where such person is a firm or association of person or body of individual, any individual who was entitled to more than fifty percent of the profits in such firm, association of person or body of individual, at any time before the date o .....

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