Amended and updated notes on section 245-I of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Order of settlement to be conclusive.
Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245-I of IT Act 1961 provides for Order of settlement to be conclusive.
Recently, we have discussed in detail section 245HAA (Credit for tax paid in case of abatement of proceedings) of IT Act 1961. Today, we learn the provisions of section 245-I of Income-tax Act 1961. The amended provision of section 245-I is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 245-I of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-245-I: Order of settlement to be conclusive
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.