What is Order of settlement to be conclusive? What is Recovery of sums due under order of settlement? Section 245I and 245J of Income Tax Act 1961

Order of settlement to be conclusive and Recovery of sums due under order of settlement are defined under section 245I and 245J of Income Tax Act 1961. Provisions under these Sections are:

Section 245I of Income Tax Act "Order of settlement to be conclusive"

Section 245-I. Every order of settlement passed under sub-section (4) of section 245D shall be conclusive as to the matters stated therein and no matter covered by such order shall, save as otherwise provided in this Chapter, be reopened in any proceeding under this Act or under any other law for the time being in force.

 

Section 245J of Income Tax Act "Recovery of sums due under order of settlement"

Section 245J. Any sum specified in an order of settlement passed under sub-section (4) of section 245D may, subject to such conditions, if any, as may be specified therein, be recovered, and any penalty for default in making payment of such sum may be imposed and recovered in accordance with the provisions of Chapter XVII, by the Assessing Officer having jurisdiction over the person who made the application for settlement under section 245C.

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