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2017 (8) TMI 936 - HC - Income TaxSettlement Commission exercising jurisdiction under the provisions of the Income Tax Act, 1961 - Held that:- There is a distinction made between an order of assessment based on best judgment and order of assessment on the basis of the records available. In the present case, the Settlement Commission was called upon to arrive at the quantum of tax liability of the petitioners in the settlement proceeding. It has taken a particular view. The Writ Court need not enter into the factual aspect of the matter to reapprise itself and act as an appellate authority against an order passed by the Settlement Commission. The materials on the basis of which the Settlement Commission had arrived at its decision to add ₹ 6.97 Crores and take 8% as the rate of net profit for the purpose of calculation of tax were before the Settlement Commission. The Settlement Commission has taken a view thereon, giving its reason therefor. The impugned order of the Settlement Commission does not call for any interference. The issue raised is answered accordingly.
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