245B Income Tax Act - Income-tax Settlement Commission

Section 245b of Income Tax Act 1961 - Income-tax Settlement Commission

(1) The Central Government shall constitute a Commission to be called the Income-tax Settlement Commission 1 *** for the settlement of cases under this Chapter.

(2) The Settlement Commission shall consist of a Chairman 2 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 * * * * * (3) The Chairman 4 , 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 business accounts:

Provided that, where a member of the Board is appointed as the Chairman 5 , Vice-Chairman or as a member of the Settlement Commission, he shall cease to be a member of the Board. 5 * * * * *

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1. The brackets and words '(hereafter in this Chapter referred to as "the Settlement Commission")' omitted by Act 11 of 1987, s. 58 (w.e.f. 1-6-1987).
2. Subs. by Act 46 of 1986, s. 15, for "and two other members" (w.e.f. 10-9-1986).
3. Sub-section (2A) omitted by s. 15, ibid. (w.e.f. 10-9-1986).
4. Ins. by s. 15, ibid (w.e.f. 10-9-1986).
5. The second proviso omitted by s. 15, ibid. (w.e.f. 10-9-1986).