Income Tax Act, 2025
Section 1: Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 12013).
1. Subs. by Act 25 of 2014, s. 4, for “Commissioner” (w.e.f. 12013).
2. Subs. by Act 22 of 2007, s. 64, for sub-sections (3), (4) and (4A) (w.e.f. 12007).
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application and any other matter relating to the case not covered by the application, but referred to in the
report of the 1[Principal Commissioner or Commissioner].
(4A) The Settlement Commission shall pass an order under sub-section (4),—
(i) in respect of an application referred to in sub-section (2A) or sub-section (2D), on or before the
31st day of March, 2008;
(ii) in respect of an application made on or after the 1st day of June, 2007 2[but before the 1st day
of June, 2010], within twelve months from the end of the month in which the application was made;]
3[(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.]
4[(5) Subject to the provisions of section 245BA, the materials brought on record before the
Settlement Commission shall be considered by the Members of the concerned Bench before passing any
order under sub-section (4) and, in relation to the passing of such order, the provisions of section 245BD
shall apply.]
(6) Every order passed under sub-section (4) shall provide for the terms of settlement including any
demand by way of 5[tax, penalty or interest], the manner in which any sum due under the settlement shall
be paid and all other matters to make the settlement effective and shall also provide that the settlement
shall be void if it is subsequently found by the Settlement Commission that it has been obtained by fraud
or misrepresentation of facts.
6[(6A) Where any tax payable in pursuance of an order under sub-section (4) is not paid by the
assessee within thirty-five days of the receipt of a copy of the order by him, then, whether or not the
Settlement Commission has extended the time for payment of such tax or has allowed payment thereof by
instalments, the assessee shall be liable to pay simple interest at 7[one and one-fourth per cent. for every
month or part of a month] on the amount remaining unpaid from the date of expiry of the period of
thirty-five days aforesaid.]
8[(6B) 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 the month in which the order was
passed; or
(b) at any time within the period of six months from the end of the month in which an application
for rectification has been made by the Principal Commissioner or the Commissioner or the applicant,
as the case may be:
and
(w.e.f. 12007).
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application and any other matter relating to the case not covered by the application, but referred to in the
report of the 1[Principal Commissioner or Commissioner].
The Settlement Commission shall pass an order under sub-section
in respect of an application referred to in sub-section
or sub-section
in respect of an application made on or after the 1st day of June, 2007 2[but before the 1st day
of June, 2010], within twelve months from the end of the month in which the application was made;]
3[
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.]
4[
Subject to the provisions of section 245BA, the materials brought on record before the
Settlement Commission shall be considered by the Members of the concerned Bench before passing any
order under sub-section
and, in relation to the passing of such order, the provisions of section 245BD
shall apply.]
Every order passed under sub-section
shall provide for the terms of settlement including any
demand by way of 5[tax, penalty or interest], the manner in which any sum due under the settlement shall
be paid and all other matters to make the settlement effective and shall also provide that the settlement
shall be void if it is subsequently found by the Settlement Commission that it has been obtained by fraud
or misrepresentation of facts.
6[
Where any tax payable in pursuance of an order under sub-section
is not paid by the
assessee within thirty-five days of the receipt of a copy of the order by him, then, whether or not the
Settlement Commission has extended the time for payment of such tax or has allowed payment thereof by
instalments, the assessee shall be liable to pay simple interest at 7[one and one-fourth per cent. for every
month or part of a month] on the amount remaining unpaid from the date of expiry of the period of
thirty-five days aforesaid.]
8[
The Settlement Commission may, with a view to rectifying any mistake apparent from the
record, amend any order passed by it under sub-section
at any time within a period of six months from the end of the month in which the order was
passed; or
at any time within the period of six months from the end of the month in which an application
for rectification has been made by the Principal Commissioner or the Commissioner or the applicant,
as the case may be: