Section 245M — the law in short
What the courts have decided on section 245M, in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Jain Metal Rolling Mills v Union of India
High CourtHelps taxpayerValidity unconfirmed
I filed a settlement application in March 2021. Can it be rejected using the 1 February 2021 cut-off?
No. The cut-off of 1 February 2021 in s.245C(5) is read down and substituted by 31 March 2021, because the Settlement Commission continued to exist both legally and factually until that date. Assessees who were eligible and who filed, or could have filed, applications up to 31 March 2021 keep the right to have them dealt with by the Interim Board, and the CBDT order of 28 September 2021 has to be read the same corrected way.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.