Union Budget 2010-11:Amendments to Income Tax Act

19. Sec. 245 : Settlement Commission

·         Proceeding from assessment or reassessment resulting from search or as a result of requisition of books of accounts or any other documents or any other assets has been included within the definition of case which can be admitted by settlement commission. ·         In the aforesaid case, application can be made to SC if the additional amount of income tax payable on the income disclosed in the application exceeds Rs. 50 Lakhs. ·         In any other case, application can be made if the income tax payable exceeds Rs. 10 Lakhs ·         SC shall pass order within a period 18 months in respect of application made on or after 1-6-2010.