India - Income Tax Act 2010 - Saarc

1.831 CH. XIX-A - SETTLEMENT OF CASES S. 245Cas he may desire to be heard, or on his own motion without such notice, theChairman may transfer any case pending before one Bench, for disposal, toanother Bench.]69[Decision to be by majority.245BD. If the Members of a Bench differ in opinion on any point, the point shallbe decided according to the opinion of the majority, if there is a majority,but if the Members are equally divided, they shall state the point or points onwhich they differ, and make a reference to the Chairman who shall either hearthe point or points himself or refer the case for hearing on such point or pointsby one or more of the other Members of the Settlement Commission and suchpoint or points shall be decided according to the opinion of the majority of theMembers of the Settlement Commission who have heard the case, includingthose who first heard it.]Application for settlement of cases.70245C.71[(1) An assessee may, at any stage of a case relating to him 72 , make anapplication in such form and in such manner as may be prescribed, andcontaining a full and true disclosure of his income which has not been disclosedbefore the 73 [Assessing] Officer, the manner in which such income has beenderived, the additional amount of income-tax payable on such income and suchother particulars as may be prescribed, to the Settlement Commission to have thecase settled and any such application shall be disposed of in the mannerhereinafter provided :74[Provided that no such application shall be made unless,—(i) in a case where proceedings for assessment or reassessment for any ofthe assessment years referred to in clause (b) of sub-section (1) ofsection 153A or clause (b) of sub-section (1) of section 153B in case ofa person referred to in section 153A or section 153C have beeninitiated, the additional amount of income-tax payable on the incomedisclosed in the application exceeds fifty lakh rupees,(ii) in any other case, the additional amount of income-tax payable on theincome disclosed in the application exceeds ten lakh rupees,69. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987.70. See rule 44C and Form Nos. 34B and 34BA. Application to Settlement Commission shouldbe accompanied by a fee of Rs. 500.71. Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.72. For the meaning of the expression “at any stage of a case relating to him”, see Taxmann’sDirect Taxes Manual, Vol. 3.73. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.74. Substituted by the Finance Act, 2010, w.e.f. 1-6-2010. Prior to its substitution, proviso asamended by the Finance Act, 2007, w.e.f. 1-6-2007, Finance Act, 1995, w.e.f. 1-7-1995 andFinance Act, 1987, w.e.f. 1-6-1987, read as under :“Provided that no such application shall be made unless—(i) the additional amount of income-tax payable on the income disclosed in theapplication exceeds three lakh rupees; and(ii) such tax and the interest thereon, which would have been paid under the provisionsof this Act had the income disclosed in the application been declared in the returnof income before the Assessing Officer on the date of application, has been paid onor before the date of making the application and the proof of such payment isattached with the application.”