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2009 (7) TMI 93 - HC - Income TaxDifference between closing and opening stock – order of settlement commission – held that - When once the income disclosed by the assessees under section 245C is not accepted as full and true disclosure of their respective income, in view of the judgments of the Supreme Court and this court, as referred to above, we hold that the applications under section 245C preferred by the assessees were not maintainable and, therefore, the Settlement Commission had no jurisdiction to pass any order enhancing the income, showing higher income in respect of the assessees. - So far as section 245F is concerned, though the Settlement Commission is empowered to have all powers which are vested in an income-tax authority under the Act, in addition to the power conferred under Chapter XIX-A, but such power can be exercised for the purpose of procedure of settlement of application under section 245C and not for reassessment of tax of a particular year which is vested with the assessing authority. – Order of settlement commissioner set aside.
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