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22B. Wealth-tax Settlement Commission.

(1) The Central Government shall constitute a Commission to be called the Wealth-tax Settlement Commission 7*** for the settlement of cases under this Chapter.

(2) The Settlement Commission shall consist of a Chairman 8[and as many Vice-Chairmen and other members as the Central Government thinks fit] and shall function within the Department of the Central Government dealing with direct taxes.

1. The proviso omitted by Act 25 of 2014, s. 77 (w.e.f. 1-10-2014). Earlier it was amended by Act 14 of 2010, s. 53 (w.e.f.1-6-2010).

2. Subs. by s. 77, ibid., for "clause (i) of the proviso shall, in case where a notice under section 17" (w.e.f. 1-10-2014).

3. Subs. by s. 77, ibid., for clause (ii) (w.e.f. 1-10-2014).

4. Subs. by Act 14 of 2010, s. 53, for clasue (iii) (w.e.f. 1-6-2010).

5. Subs. by Act 25 of 2014, s. 77, for "clause (i) or clause (ii) of the proviso or clause (iii) of the Explanation" (w.e.f. 1-10-2014).Ealier it was amended by Act 14 of 2010, s. 53 (w.e.f. 1-6-2010).

6. Ins. by Act 22 of 2007, s. 84 (w.e.f. 1-6-2007).

7. The brackets and words "(hereafter in this Chapter referred to as "the Settlement Commission")" omitted by Act 11 of 1987, s. 78 (w.e.f. 1-6-1987).

8. Subs. by Act 46 of 1986, s. 35, for "and two other members" (w.e.f. 10-9-1986).

(3) The Chairman 2[, Vice-Chairman] and other members of the Settlement Commission shall be appointed by the Central Government from amongst persons of integrity and outstanding ability, having special knowledge of, and experience in, problems relating to direct taxes and business accounts:

Provided that, where a member of the Board is appointed as the Chairman 2[, Vice-Chairman] or as a member of the Settlement Commission, he shall cease to be a member of the Board.

Wealth-Tax Act, 1957 Back

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