Payment by way of composition

A. Notwithstanding anything contained in sections 7 and 8, the Commissioner may, in such circumstances, under such conditions and for such period as may be prescribed, permit any assessee applying in this behalf, to pay in lieu of the amount of tax payable by him under the provisions of this Act, a lump sum determined in the prescribed manner by way of composition and the sum so compounded shall be payable by assessee.