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2017 (4) TMI 770 - HC - Income TaxApplication under Section 245C for settlement - Held that:- Either all the Assessment Years mentioned in the application are to be settled or none at all. It cannot be split so as to settle the dispute for some of the Assessment Years and reject the others. In view of the above, the impugned order of the Commission to the extent it has rejected / not entertained, the petitioner's application for settlement for the Assessment Years 2007-08 to 2013-14 for not disclosing additional income in its application, prima facie appears to be incorrect. In the above view, the Assessing Officer is restrained from issuing notices and initiating proceedings under the normal provisions of the Act for Assessment Years 2007-08 to 2013-14. The petitioner undertakes to cooperate with the Revenue in proper disposal of the Assessment for all the above assessment years i.e. Assessment Years 2007-08 to 2013-14 in case the occasion arises. So far as the Assessment Year 2014-15 is concerned, the petitioner had declared in its application for settlement an amount of ₹ 4.99 cores as being the additional income sought to be settled. The amount of tax payable on the assessment of ₹ 4.99 crores has already been paid. The impugned order has enhanced the settlement by further amount of ₹ 1.28 crores. According to the petitioner, the impugned order suffers from non-consideration of the submissions made and, therefore, the decision making process has not been properly followed. However, as the impugned order has determined a further amount of income of ₹ 1.28 crores, the tax payable thereon according to petitioner, would be approximately an amount of ₹ 38.40 lakhs, as basic tax (without surcharge) which is still payable. This, Mr. Jain, on instructions, states will be paid to the Revenue on or before 31st March, 2017. However, on being asked Mr. Jain mentioned to us that along with surcharge the tax payable would be ₹ 42 lakhs (approximately). We direct the petitioner to pay the amount of ₹ 42 lakhs to the Revenue on or before 31st March, 2017. This payment would be without prejudice to its rights and contentions in this petition. On the petitioner depositing the amount of ₹ 42 lakhs, there shall be a stay of the impugned order dated 29th July, 2016. In case, the amount of ₹ 42 lakhs is not deposited on or before 31st March, 2017 with the Revenue, the protection available under this order would come to an end and the Revenue would be free to adopt such proceedings as are available in law in respect of all the Assessment Years i.e. Assessment Years 2007-08 to 2014-15.
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