Section 245-I of ITA, 1961 : Section 245-I: Order Of Settlement To Be Conclusive
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Sharma, who has undisclosed income and discrepancies in his tax filings from previous years. To resolve this and avoid litigation, he approaches the Income Tax Settlement Commission to settle his tax liabilities. After providing all necessary disclosures and cooperating with the proceedings, the Commission passes a...
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