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2016 (3) TMI 737 - HC - Income TaxApplication for settlement of cases - Held that:- There is no material to reject the application for settlement at the stage of 245 D(2C) of the Act. The view taken in the present case is on the basis of submissions made by the parties before it and such a view has not been shown to be perverse and/or arbitrary. It must be emphasised that the impugned order does not postpone the consideration of the issue of true and full disclosure to a future date. However, we clarify that the view taken at this stage on the impugned order would not estop the Revenue from urging the issue raised at this stage before the Commission at the stage of Section 245D(4) of the Act. The Commission would consider and pass an order on its merits without in any manner being influenced by this order. This for the reason that the requirement of true and full disclosure on the part of the Applicant should be satisfied at all stages. Moreover, the impugned order of the Commission itself states that it is a primafacie view on consideration of facts and submissions made before it at Section 245D(2C) stage. Delay on the part of the Petitioner is not being considered. However, we only wish to point out that if and when any party is aggrieved by the order of the Commission (particularly interim orders) and it is sought to be challenged, it must be done expeditiously, particularly, bearing in mind that the Commission is under an obligation to pass an order within 18 months from the date of filing of application under Section 245(D)4(a)(iii) of the Act. In the above view, we see no reason to entertain the present Petition.
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