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2016 (9) TMI 817 - HC - Income TaxMatter pending before the Settlement Commission - Held that:- As the matter is still pending before the Settlement Commission, the Settlement Commission has to decide whether the full disclosure is made or not. The petitioner is certainly at a liberty to raise all issues and grounds before the Commission. The Settlement Commission has to proceed the matter in accordance with Section 245D (2B), 245 D(3), 245D(4), 245D(4A),245D(5),245D(6), 245D(6A) of the Act. Thereafter, after examination of record, after considering report of the Commissioner and the materials brought on record before the Settlement Commission, the Settlement Commission has to pass a final order. The Settlement Commission has the jurisdiction to provide for the terms of settlement including demanding any tax, penalty or interest. The Settlement Commission is also having jurisdiction to examine as to whether any order has been obtained by fraud or misrepresentation of facts. Thus, in short, a complete mechanism has been provided for dealing with Settlement applications and the said mechanism is a complete code in itself and merely because of the fact that an interim admission order has been passed under Section 245(D)(2C), it does not mean that any irreparable loss has been caused to the Income Tax Department. In the considered opinion of this Court, as the matter is pending before the Settlement Commission and no final order has been passed and as the Commission is now seized with the matter, all the grounds raised by the petitioner shall be looked into and shall be considered by the Settlement Commission while passing a final Order. Resultantly, no case for interference is made out in the matter. However, by way of abundant caution, it is observed that any observation made by this Court will not affect in any way the subject matter pending for consideration before the Settlement commission. The Settlement Commission shall decide the matter strictly in accordance keeping in view the statutory provisions as contained under the Income Tax Act.
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