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59. Amendment of section 127L. |
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In section 127L of the Customs Act,
(a) in sub-section (1),
(i) the words, figures and letters "before the 1st day of June, 2007" shall be omitted;
(ii) in clause (i), after the words, brackets, figures and letter "sub-section (7) of section 127C", the words, figures, brackets and letter "as it stood immediately before the commencement of section 102 of the Finance Act, 2007 (22 of 2007) or sub-section (5) of section 127C" shall be inserted;
(iii) in clause (ii), after the words, brackets and figure "sub-section (7)", the words, figures, brackets and letter "as it stood immediately before the commencement of section 102 of the Finance Act, 2007 (22 of 2007) or sub-section (5) of section 127C" shall be inserted;
(b) sub-section (2) shall be omitted.
Clause 59 of the Bill seeks to amend section 127L of the Customs Act with a view to make certain amendments in sub-section (1) and to omit sub-section (2) to provide that the assessee shall be entitled to apply for settlement in any matter before the Settlement Commission except in the circumstances specified therein.
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