Form Of Application For Settlement Of Cases Under Section 245C(1) Of The Income-Tax Act, 1961

The purpose of this form is served under Section 245C(1) of the income tax Act, 1961submitted to the settlement Commission which states application for settlement of cases which means that an assessee may, at any stage of a case relating to him, make an application in such form and in such manner as may be prescribed, and containing a full and true disclosure of his income which has not been disclosed before the Officer, the manner in which such income has been derived, the additional amount of income- tax payable on such income and such other particulars as may be prescribed, to the Settlement Commission to have the case settled and any such application shall be disposed of in the manner hereinafter provided, but provided that no such application shall be made unless, the assessee has furnished the return of income which he is or was required to furnish under any of the provisions of this Act; and the additional amount of income- tax payable on the income disclosed in the application exceeds fifty lakh rupees or the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees whereas Rule 44C and Rule 44CA enshrined under this Form No. 34B states the deduction of head office expenditure in the case of assessee being a non-resident and no allowance is given to him in computing the income chargeable which will be in respect of so much of the expenditure in the nature of head office expenditure as is in excess of the amount computed as hereunder, namely an amount equal to five per cent of the adjusted total income.

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