Section 245L of Income Tax Act for AY 2023-24

Section 245L of Income Tax Act 1961 amended by Finance Act and IT Rules. Proceedings before Settlement Commission to be judicial proceedings.

Amended and updated notes on section 245L 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 Proceedings before Settlement Commission to be judicial proceedings.

Chapter XIXA (Sections 245A to 245L) of the Income Tax Act 1961 deals with the provisions related to settlement of cases. Section 245L of IT Act 1961 provides for Proceedings before Settlement Commission to be judicial proceedings.

Recently, we have discussed in detail section 245K (Bar on subsequent application for settlement) of IT Act 1961. Today, we learn the provisions of section 245L of Income-tax Act 1961. The amended provision of section 245L is effective for financial year 2020-21 relevant to the assessment year 2021-22.

In this article, you will learn detail of the provisions of section 245L 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-245L: Proceedings before Settlement Commission to be judicial proceedings

Any proceeding under this Chapter before the Settlement Commission shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 196, of the Indian Penal Code (45 of 1860).

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