Bare Act Search Results
Home Bare Acts Phrase: section 245cIncome Tax Act, 1961 Section 245D
Title: Procedure on Receipt of an Application Under Section 245c
State: Central
Year: 1961
.....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. (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 9[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. (7) Where a settlement becomes void as provided under sub-section (6), the proceedings with respect to the matters covered by the settlement shall be deemed to have been revived from the stage at which the application was allowed to be proceeded with by the Settlement Commission and the income-tax authority concerned, may, notwithstanding anything contained in any other provision of this Act, complete such proceedings at any time before the expiry of two years from the end of the financial year in.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 94
Title: Amendment of Section 245c
State: Central
Year: 2002
In section 245C of the Income-tax Act, sub-section (1E) shall be omitted with effect from the 1st day of June, 2002.
View Complete Act List Judgments citing this sectionFinance Act, 1995 Section 43
Title: Amendment of Section 245c
State: Central
Year: 1995
In section 245C of the Income-tax Act, in sub-section (1), in the proviso, in clause (b), for the words "fifty thousand rupees", the words "one hundred thousand rupees" shall be substituted with effect from the 1st day of July, 1995.
View Complete Act List Judgments citing this sectionFinance Act, 2012, (Central) Section 87
Title: Amendment of Section 245c
State: Central
Year: 2012
In section 245C of the Income-tax Act, in sub-section (1), in the proviso, in the Explanation, in clause (b), for the words "at any time during the previous year", at both the places where they occur, the words "on the date of search" shall respectively be substituted with effect from the 1st day of July, 2012.
View Complete Act List Judgments citing this sectionFinance Act, 2010 Section 46
Title: Amendment of Section 245c
State: Central
Year: 2010
In section 245C of the Income-tax Act, in sub-section (1), for the proviso, the following proviso shall be substituted with effect from the 1st day of June, 2010, namely:-- "Provided that no such application shall be made unless,-- (i) in a case where proceedings for assessment or reassessment for any of the assessment years referred to in clause (b) of sub-section (1) of section 153A or clause (b) of sub-section (1) of section 153B in case of a person referred to in section 153A or section 153C have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees, (ii) in any other case, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees, and such tax and the interest thereon, which would have been paid under the provisions of this Act had the income disclosed in the application been declared in the return of income before the Assessing Officer on the date of application, has been paid on or before the date of making the application and the proof of such payment is attached with the application.".
View Complete Act List Judgments citing this sectionFinance Act, 2011, (Central) Section 29
Title: Amendment of Section 245c
State: Central
Year: 2011
In section 245C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2011,-- (a) in the proviso, after clause (i), the following clause shall be inserted, namely:-- '(ia) in a case where-- (A) the applicant is related to the person referred to in clause (i) who has filed an application (hereafter in this sub-section referred to as "specified person"); and (B) the proceedings for assessment or re-assessment for any of the assessment years referred to in clause (b) of sub-section (1) of section 153A or clause (b) of sub-section (1) of section 153B in case of the applicant, being a person referred to in section 153A or section 153C, have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees,'; (b) after the proviso, the following Explanation shall be inserted, namely:-- "Explanation.-- For the purposes of clause (ia),-- (a) the applicant, in relation to the specified person referred to in clause (ia), means,-- (i) where the specified person is an individual, any relative of the specified person; (ii) where the specified person is a company, firm, association of.....
View Complete Act List Judgments citing this sectionFinance Act, 1987 Section 60
Title: Amendment of Section 245c
State: Central
Year: 1987
.....a return in respect of the total income of that year in the course of such proceeding for reassessment, tax shall be calculated on the aggregate of the total income as assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147 and the income disclosed in the application as if such aggregate were the total income. (1C) The additional amount of income-tax payable in respect of the income disclosed in the application relating to the previous year referred to in sub-section (1B) shall be - (a) in a case referred to in clause (i) of that sub-section, the amount of tax calculated under that clause; (b) in a case referred to in clause (ii) of that sub-section, the amount of tax calculated under that clause as reduced by the amount of tax calculated on the total income returned for that year; (c) in a case referred to in clause (iii) of that sub-section, the amount of tax calculated under that clause as reduced by the amount of tax calculated on the total income assessed in the earlier proceeding for assessment under section 143 or section 144 or section 147.".
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 69
Title: Insertion of New Sections 245ha and 245haa
State: Central
Year: 2007
.....Commission.-- (1) Where-- (i) an application made under section 245C on or after the 1st day of June, 2007 has been rejected under sub-section (1) of section 245D; or (ii) an application made under section 245C has not been allowed to be proceeded with under sub-section (2A) or further proceeded with under subsection (2D) of section 245 D; or (iii) an application made under section 245C has been declared as invalid under sub-section (2C) of section 245D; or (iv) in respect of any other application made under section 245C, an order under sub-Section (4) of section 245D has not been passed within the time or period specified under sub-section (4A) of section 245D, the proceedings before the Settlement Commission shall abate on the specified date. Explanation.--For the purposes of this sub-section, "specified date" means-- (a) in respect of an application referred to in clause (i), the day on which the application was rejected; (b) in respect of an application referred to in clause (ii'), the 31st day of July, 2007; (c) in respect of an application referred to in clause (iii), the last day of the month in which the application was declared invalid; .....
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 70
Title: Substitution of New Section for Section 245k
State: Central
Year: 2007
.....section shall be substituted with effect from the 1st day of June, 2007, namely:-- "245K. Bar on subsequent application for settlement.-- (1) Where- (i) an order of settlement passed under sub-section (4) of section 245D provides for the imposition of a penalty on the person who made the application under section 245C for settlement, on the ground of concealment of particulars of his income; or (ii) after the passing of an order of settlement under the said sub-section (4) in relation to a case, such person is convicted of any offence under Chapter XXII in relation to that case; or (iii) the case of such person was sent back to the Assessing Officer by the Settlement Commission on or before the 1st day of June, 2002, then, he shall not be entitled to apply for settlement under section 245C in relation to any other matter. (2) Where a person has made an application under section 245C on or after the 1st day of June, 2007 and if such application has been allowed to be proceeded with under sub-section (1) of section 245D, such person shall not be subsequently entitled to make an application under section 245C".
View Complete Act List Judgments citing this sectionFinance Act, 1987 Section 65
Title: Insertion of New Section 245ha
State: Central
Year: 1987
.....the proceedings before him. (3) For the purposes of the time-limit under sections 149, 153, 154, 155 and 231 and for the purposes of payment of interest under section 243 and 244, in a case referred to in sub-section (1), the period commencing on and from the date of the application to the Settlement Commission under section 245C and ending with the date of receipt by the Income-tax Officer of the order of the Settlement Commission sending the case back to the Income-tax Officer shall be excluded; and where the assessee is a firm, for the purposes of the time-limit for cancellation of registration of the firm under sub-section (1) of section 186, the period aforesaid shall, likewise, be excluded.".
View Complete Act List Judgments citing this section- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial