245B. (1) The Central Government
shall constitute a Commission to be called the Income-tax Settlement Commission
58[* * *] for the settlement
of cases under this Chapter.
(2) The Settlement
Commission shall consist of a Chairman 59[and as many Vice-Chairmen
and other members as the Central Government thinks fit] and shall function
within the Department of the Central Government dealing with direct taxes.
(3) The Chairman 61[, Vice-Chairman] and other
members of the Settlement Commission shall be appointed by the Central
Government from amongst persons of integrity and outstanding ability, having
special knowledge of, and, experience in, problems relating to direct taxes and
Provided that, where a member
of the Board is appointed as the Chairman 62[, Vice-Chairman] or as a
member of the Settlement Commission, he shall cease to be a member of the