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2023 (7) TMI 349 - HC - Income TaxSettlement application u/s 245C(1) - mandatory requirements of Section 245D (2D) - application admitted u/s 245D(1) for which original petitioner was required to pay the additional amount of income tax payable on the income disclosed within 35 days of the receipt of the order - HELD THAT:- As the original petitioner would be entitled to interest on the excess payment. If we add together the amount interest on refund of AY-1997-1998, 1999-2000 and 2000-2001, towards refund and interest thereon relating to AY-1998-1999 and 2003-2004 and interest on excess payment of tax the original petitioner would have paid amount more than the short fall indicated by respondent no. 2 in Statement-A, vide his letter dated 29th March 2007. Therefore, we are satisfied that original petitioner has complied with his obligations under the provisions of Section 245D of the Act. We are quashing and setting aside the impugned order dated 3rd January 2008. We direct the matter be placed before the Interim Board for Settlement constituted under Section 245AA for consideration. Since the matter is old, petitioners shall file a copy of the settlement application that was originally filed on 27th April 1997 before the Board within two weeks of this order being uploaded.
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