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2014 (8) TMI 631 - HC - Income TaxPower of Income-tax Settlement Commission u/s 245D(2C) – full and true disclosure of income - Chapter XIX-A of the Act was amended with effect from June 1, 2007 - Held that:- application filed prior to June 1, 2007, would be deemed to be admitted provided the requirements of Chapter XIX-A of the Act as then existing are complied with. Requirement for proof of payment of tax and interest must be attached to the application - additional income disclosed - Held that:- if the Commission at the final hearing under section 245D(4) of the Act determines higher income, than that disclosed in the original application, the entire process will not be rendered bad only on account of failure to pay the tax along with the application as is subsequently determined by the Commission at the final hearing stage. - the requirement is only to pay the tax on the full and true disclosure of income made at the time of filing the application. Requirement of additional source of income - Held that:- There is no requirement that for an application to be entertained by the Commission, the applicant must declare a new source of income from that disclosed earlier to the Department. Whether case was pending - Held that:- It is very clear that the application for settlement has not been filed by STAR Ltd. for the assessment year 2000-01, as it is an issue pending before this court in an appeal from the order of the Tribunal. So far as the other parties are concerned, there is nothing in law which prohibits them from filing an application for settlement. Even respondent No. 2-STAR Ltd. can file an application for settlement in respect of the assessment year other than the assessment year for which the appeal is pending before this court. - all applications even pending before the Tribunal or in the appeal/revision before the authorities under the Act could be entertained by the Commission on the date when the respondents filed their application before the Commission on March 5, 2007. Application in respect of TDS - Held that:- At this prima facie stage before the Commission it appears that the application made by the respondents is not for the purpose of settling its liability to deduct tax at source but it is an application made, containing full and true disclosure of the petitioner's income which has not been disclosed before the Assessing Officer. Therefore, the aforesaid decision in the case of Shaw Wallace [2003 (6) TMI 19 - CALCUTTA High Court] would have no application to the present facts at this stage. - Decided against the revenue.
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