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SECTION 245D-PROCEDURE ON RECEIPT OF APPLICATION

Income Tax - SETTLEMENT OF CASES - 02 - PROCEDURE ON RECEIPT OF APPLICATION SECTION: 245D APPLICATION FILED TO SETTLEMENT COMMISSION (ITSC) Application can be filed before ITSC if following conditions are satisfied:- Additional amount of income tax exceeds ₹ 50,00,000 in case of applicant and ₹ 10,00,000 in case of related applicants in case of search & seizure and ₹ 10,00,000 in other cases. Case is pending before AO only in an assessment or reassessment proceeding u/s 143 .....

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whether to admit the application or to reject the same. If no order is passed within 14 days, the application is deemed to be admitted- 245D(2). After admission of application, ITSC within 30 days of date of filing of application shall call for a report from CIT. By forwarding a copy of the applicant in Form No. 34B (other than the annexure and statements and other documents accompany such annexure along with a copy of the order under section 245D(1). And CIT shall submit report within 30 days o .....

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