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2012 (3) TMI 102 - HC - Income TaxOrder of settlement commission - assessee filed an application before the ITSC under Section 245C of the Act seeking a settlement of its income for the assessment year 2005-06 - assessee also submitted that its case involved complexity of investigation arising because of the fact that various loose papers were seized during the survey and heavy additions would in all probability be made leading to protracted litigation - After accepting all the submissions of the assessee as noted above, the ITSC settled the additional income of the assessee at Rs. 15 lacs as per the statement of facts filed by the assessee - ITSC has merely observed and accepted the assessee's explanation that the word "cash" has been erroneously mentioned instead of the word "cheque" - The manner in which the ITSC has set out to dispose of the assessee's application before them and the report of the CIT shows that the procedure adopted by them is vitiated and is certainly not in accordance with law - ITSC could not have been satisfied as to the acceptability of the assessee's explanation with regard to the various issues raised before it in the report of the CIT merely on the basis of the reports of the JDIT - Decided in favor of the assessee by way remand to ITSC
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