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47. Amendment of section 245D. |
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In section 245D of the Income-tax Act, in sub-section (4A),
(a) 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" shall be inserted ;
(b) after clause (ii), the following clause shall be inserted with effect from the 1st day of June,
2010, namely :
"(iii) in respect of an application made on or after the 1st day of June, 2010, within eighteen months from the end of the month in which the application was made.".
Clause 47 of the Bill seeks to amend section 245D of the Income-tax Act relating to the procedure on receipt of an application under section 245C.
Under the existing provisions of sub-section (4A) of the aforesaid section, the Settlement Commission shall pass an order within twelve months from the end of the month in which the application was made.
It is proposed to amend clause (ii) of the aforesaid sub-section so as to provide that the Settlement Commission shall, in respect of an application made on or after 1st June, 2007 but before 1st June, 2010, pass an order within the said period of twelve months.
It is further proposed to insert clause (iii) in the said sub-section so as to provide that the Settlement Commission shall, in respect of an application made on or after 1st June, 2010, pass an order within eighteen months from the end of the month in which the application was made.
These amendments will take effect from 1st June, 2010.
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