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2016 (7) TMI 1311 - HC - Income TaxSettlement Commission order accepted the offer of settlement of the applicants and granted immunity from penalty and prosecution - Department has challenged this order as committed a serious error in estimating profit of the assessee at the rate of 15 per cent of the own money received in the course of business of construction and initial offer of settlement was not containing true and full disclosure of previously under declared income - Held that:- As in COMMISSIONER OF INCOME TAX - I Versus INCOME TAX SETTLEMENT COMMISSION AND 1 [2016 (7) TMI 960 - GUJARAT HIGH COURT] held that these revised offers of tax was in the nature of spirit of settlement and cannot be seen in strict sense of abandoning initial disclosures and replacing the same by fresh disclosures on the basis of such revised offers. What in essence the assessee did was to raise their offers marginally to put an end to the entire dispute through settlement or in the spirit of settlement as is referred to in the said letter. This cannot be seen as accepting that original or initial declaration was not true and full disclosure thereby paving way for the application of judgment in the case of Ajmera Housing Corporation (2010 (8) TMI 35 - SUPREME COURT OF INDIA ). - Decided against revenue
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