Settlement amount .

1. (1) Subject to other provisions of this Act, 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

Explanation I. - Settlement amount shall not include any payament towards any arrear of admitted tax and the party shall deposit the total amount of admitted tax. Explanation II. - 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, before the commencement of this Act, the said amount would be considered as payment of settlement amount and the amount deposited in excess of the settlement amount will not be refunded. Explanation III. - Where a party desirous of settling a dispute, has deposited any amount in respect of the dispute before the commencement of this Act, the said amount would be considered as payment of settlement amount and the party will have to pay the difference amount only.

1. (2) Notwithstanding anything contained in any law for the time being in force but subject to the other provisions of this Act, any dispute in respect of which the amount specified in sub-section
2. (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.
3. (3) 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.