Substitution of new section for section 245K
Section 70 of the Finance Act, 2007 deals with substitution of new section for section 245K. Substitution of new section for section 245K.
Substitution of new section for section 245K.
70. For section 245K of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2007, namely:—
"245K. Bar on subsequent application for settlement.—(1) Where—
(i ) an order of settlement passed under sub-section (4) of section 245D provides for the imposition of a penalty on the person who made the application under section 245C for settlement, on the ground of concealment of particulars of his income; or
(ii ) after the passing of an order of settlement under the said sub-section (4) in relation to a case, such person is convicted of any offence under Chapter XXII in relation to that case; or
(iii ) the case of such person was sent back to the Assessing Officer by the Settlement Commission on or before the 1st day of June, 2002,
then, he shall not be entitled to apply for settlement under section 245C in relation to any other matter.
(2) Where a person has made an application under section 245C on or after the 1st day of June, 2007 and if such application has been allowed to be proceeded with under sub-section (1) of section 245D, such person shall not be subsequently entitled to make an application under section 245C.".
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Section 70, The Finance Act, 2007.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 70
What does Section 70 of the Finance Act deal with?
Section 70 of the Finance Act is headed "Substitution of new section for section 245K". Substitution of new section for section 245K.
How do I find court cases under Section 70 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2007 70, section 70 Finance Act 2007, section 70 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 70 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 245K (Bar on subsequent application for settlement), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2007. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7694 words
- 2. Income-tax3111 words
- 6. Amendment of section 101202 words
- 11. Amendment of section 171097 words
- 64. Amendment of section 245D1090 words
- 86. Amendment of section 22D1089 words
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