The Central Board of Direct Taxes vide its notification dated 30th April 2021 has published the Income-tax (12th Amendment) Rules, 2021 through which it has notified new rule 44DA which prescribes the manner for making application to withdraw pending application filed before Settlement Commission.
As per the new rule, the exercise of the option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB and it shall be verified by the person who is authorised to verify the return of income of the assesse.
Further the form 34BB shall be furnished electronically in accordance with the procedures, formats and standards specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems).
