Application for settlement.

(1) An application for the purpose of section 3 shall be made to the Assessing Authority by an applicant within ninety days from the date of commencement of this Act or by such later date as the Government may, by notification, specify, from time to time, in such form, and in such manner, as may be prescribed.

(2) The application shall be accompanied with proof of payment of fifty percent. of the tax amount remaining unpaid as on the date of making application under sub-section (1).

(3) The application shall be submitted separately for each assessment under the relevant Act.

(4) The applicant shall send a copy of the application made under sub-section (1) to the Appellate Authority or the Revisional Authority under the relevant Act, before whom any appeal or revision, as the case may be, is pending within seven days from the date of making such application before the assessing authority.