In a relief to income-tax payers, the government has decided that the assessees admitting short-levy for goods in which they have not maintained proper accounts could apply for settlement of cases. Besides, the restriction of a one-time settlement has also been removed.
The Union Budget 2010-11 has made provisions for making amendments to Section 32 of the Central Excise Act, 1944, dealing with the settlement commission. The amendment, to come into effect on enactment of the Finance Bill, 2010, will restore certain provisions which existed before the enactment of the Finance Bill, 2007.
“The (settlement) commission is being empowered to extend the time limit of nine months for disposal of applications by another three months, for reasons to be recorded in writing,” said the Budget memorandum, explaining the provisions in the Finance Bill, 2010.
