Amendment of section 245D

Section 61 of the Finance Act, 1987 deals with amendment of section 245D. Amendment of section 245D 61. In section 245D of the Incomer-tax Act, with effect from the 1st day of June, 1987,— (a) after sub-section (4), the following sub-section shall be inserted, namely:— "(5) Subject to the provisions of section 245BA, the materials brought on record before the Settlement C

Amendment of section 245D

61. In section 245D of the Incomer-tax Act, with effect from the 1st day of June, 1987,—

(a) after sub-section (4), the following sub-section shall be inserted, namely:—

"(5) Subject to the provisions of section 245BA, the materials brought on record before the Settlement Commission shall be considered by the Members of the concerned Bench before passing any order under sub-section (4) and, in relation to the passing of such order, the provisions of section 245BD shall apply.";

(b) in sub-section (6), for the words "tax or penalty", the words "tax, penalty or interest'' shall be substituted;

(c) in sub-section (8), after the words "passed by the Settlement Commission", the words, brackets and figures "and nothing contained in the proviso to sub-section (1) of section 186 shall apply to the cancellation of the registration of a firm required to be made in pursuance of any such directions as aforesaid" shall be inserted.

[Finance Act, 1987]

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Section 61, The Finance Act, 1987 (Act 11 of 1987).