(1) Subject to other provisions of this Ordinance, a dispute pending under the law may, on an application being made in this behalf by a party, be settled upon payment of the settlement amount as specified in column 3 of the Table appended hereinbelow:
Table Sl.No. Dispute relating to: Settlement amount:
1 2 3
1. Arrear of tax on account of failure to furnish or produce any statutory Certificate or Declaration 100% of remaining balance amount of the arrear of tax in dispute, as reduced by the amount of tax involved in the value of Certificates/Declarations in the possession of the applicant till the date of application, or the amount already paid towards such arrear, whichever is higher;
2. OtherArrear of tax 35% of the arrear of tax in dispute or the amount already paid towards such arrear, whichever is higher;
3. For dispute arising out of an order levying penalty, fine or interest under the law 10% of disputed amount of penalty or interest or the fine, as the case may be, or the amount already paid towards such arrear, whichever is higher;
Explanation- For the purposes of this sub-section, the expression “settlement amount” shall not include any payment towards any arrear of admitted tax and the party shall deposit the total amount of admitted tax.
8 ॢबह�र गजट [स�ध�रण�� 21 �सत बर 2020
(2) Where a party desirous of settling a dispute, has deposited any amount in respect of the dispute, the said amount would be considered as payment towards settlement amount and the party will have to pay the difference amount only.
(3) Where a party desirous of settling a dispute, has already deposited any amount in respect of the dispute which is equal to or more than the settlement amount, the said amount would be considered as payment towards settlement amount and the amount deposited in excess of the settlement amount will not be refunded.
(4) Notwithstanding anything contained in any law for the time being in force but subject to the other provisions of this Ordinance, any dispute in respect of which the amount specified in sub-section (1) has been deposited into Government Treasury, in the manner and within the time specified, shall be deemed to have been concluded and it shall not be continued by any authority or Court before which such dispute is pending.
(5) Upon an order of settlement of a dispute relating to –
(i) a revision petition pending before the Tribunal, or
(ii) a reference, or
(iii) a Writ Petition, or
(iv) a Special Leave Petition being passed under Section 5, the said revision, reference, Writ Petition or Special Leave Petition shall be deemed to have been disposed of in terms of the aforesaid settlement.
CHAPTER III Manner of Settlement of Disputes