Where the amount of arrear tax in dispute

(1) Where the dispute relates to proceedings up to the financial year 2004-05, the settlement amount shall be as per the rate mentioned in column 3 against the cases mentioned in column 2 of Table-I, and where the dispute relates to proceedings from the financial year 2005-06 to the financial year 2011-12, the settlement amount shall be as per the following Table-II. [Table I and Table II omitted for brevity in schema representation]. Explanation I: The settlement amount shall not include the payment of accepted tax and the party shall deposit the entire amount of accepted tax. Explanation II: If a party desirous of settlement of dispute has already paid an amount equal to or more than the settlement amount in respect of the disputed amount before the commencement of this settlement scheme, the said amount shall be treated as the settlement amount, but the amount deposited in excess of the settlement amount shall not be refunded. Explanation III: If a party desirous of settlement of dispute has deposited any disputed amount before the commencement of this settlement scheme, the said amount shall be treated as payment of the settlement amount and the party shall have to pay only the difference amount. (2) Notwithstanding anything contained in any law for the time being in force, but subject to other provisions of this Act, any such dispute shall be deemed to have been settled, in respect of which the amount specified under sub-section (1) has been deposited in the Government Treasury in the manner and within the time specified in this Act, and it shall not be kept pending before any appellate authority.