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2019 (9) TMI 1354 - HC - Income TaxSeeking extension of time to deposit the amount with the Income Tax Department - Whether Settlement Commission could have straightaway imposed the penalty under Section 271 (1) (c) - HELD THAT:- We are inclined to restore the immunity granted to the Petitioner by the Settlement Commission considering the fact that the Petitioner has deposited an amount of ₹ 4 crores during pendency of these proceedings; the Petitioner had undertaken to pay the entire amount in terms of the order passed by the Settlement Commission along with interest payable under the Act, and; furthermore, since the Respondents have, till date, not taken any steps to enforce the demand despite the immunity not surviving upon passing of the impugned order dated 18.06.2019. Thus the Petition is dismissed as withdrawn subject to the Petitioner furnishing the undertaking of its Managing Trustee in the aforesaid terms. Subject to compliance of the conditions stipulated above, the immunity granted to the Petitioner by the Settlement Commission vide its order dated 27.11.2015 shall stand restored. However the immunities shall stand automatically withdrawn in the eventuality of the Petitioner not complying with its aforesaid undertaking.
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