Issue of Settlement Certificate

(1) [Verbatim content relating to issue of certificate, spanning page 12-13]. (2) [Verbatim content]. (3) [Verbatim content]. (4) [Verbatim content]. (1) The designated committee on being satisfied that the applicant has paid in full the settlement amount as determined by it and on submission of proof of payment, shall issue a settlement certificate in such manner and in such Form and within such period as may be prescribed. (2) Every settlement certificate issued under sub-section (1) with respect to the settlement amount payable under this Act shall be conclusive as to the matter and time period stated therein, and,- (a) the applicant shall not be liable to pay any further tax and/ or interest and/ or penalty with respect to the matter and time period covered in the settlement certificate; (b) the applicant shall not be prosecuted under the Relevant Acts with respect to the matter and time period covered in the settlement certificate; (c) no cases, with respect to the matter and time period covered in the settlement certificate, shall be re-opened in any proceeding under the Relevant Acts. (3) Proceedings, with respect to the matter and time period not covered in the settlement certificate, may be initiated or be continued under the provisions of Relevant Acts. (4) Notwithstanding anything contained in this Section, settlement certificate shall not be issued in respect of such cases, where the designated committee finds the amount, paid in pursuance of sub-section (2) of Section 8 is less than the amount mentioned in settlement order: Provided that, such amount deposited by the applicant shall be deemed to be forfeited and shall be adjusted towards arrears of tax and/or interest and/or penalty under the Relevant Acts.