Section 245F of ITA, 1961 : Section 245F: Powers And Procedure Of Settlement Commission

Explanation using Example

Imagine a company, XYZ Pvt. Ltd., has been underreporting income and now faces an investigation from the Income Tax Department. To avoid prolonged litigation, the company decides to file an application for settlement with the Income Tax Settlement Commission under Section 245C. The application is accepted under Section 245D, and now XYZ Pvt. Ltd.'s case is exclusively under the jurisdiction of the Settlement Commission.

During the settlement process, the Settlement Commission exercises the powers of an income-tax authority as per Section 245F(1), such as demanding additional documents from XY...

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