Application for settlement of cases.
70245C.
71[(1) An assessee may,
at any stage of a case relating to him 72, make an application in such
form and in such manner as may be prescribed, and containing a full and true
disclosure of his income which has not been disclosed before the 73[Assessing] Officer, the
manner in which such income has been derived, the additional amount of
income-tax payable on such income and such other particulars as may be
prescribed, to the Settlement Commission to have the case settled and any such
application shall be disposed of in the manner hereinafter provided :
74[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.]
(1A) For the purposes of
sub-section (1) of this section 75[***], the additional
amount of income-tax payable in respect of the income disclosed in an
application made under sub-section (1) of this section shall be the amount
calculated in accordance with the provisions of sub-sections (1B) to (1D).
76[(1B) Where the income
disclosed in the application relates to only one previous year,—
(i) if the applicant has not furnished a return in
respect of the total income of that year, then, tax shall be calculated on the
income disclosed in the application as if such income were the total income;
(ii) if the applicant has furnished a return in
respect of the total income of that year, tax shall be calculated on the
aggregate of the total income returned and the income disclosed in the
application as if such aggregate were the total income.]
77[(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) 78[***].]
(1D) Where the income
disclosed in the application relates to more than one previous year, the
additional amount of income-tax payable in respect of the income disclosed for
each of the years shall first be calculated in accordance with the provisions
of sub-sections (1B) and (1C) and the aggregate of the amount so arrived at in
respect of each of the years for which the application has been made under
sub-section (1) shall be the additional amount of income-tax payable in respect
of the income disclosed in the application.
(1E) 79[***]
(2) Every application made
under sub-section (1) shall be accompanied by such fees as may be prescribed 80.
(3) An application made
under sub-section (1) shall not be allowed to be withdrawn by the applicant.
81[(4) An assessee shall, on
the date on which he makes an application under sub-section (1) to the
Settlement Commission, also intimate the Assessing Officer in the prescribed
manner 82 of having made such
application to the said Commission.]