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2019 (12) TMI 264 - HC - Income TaxUndisclosed income admitted in the Settlement Application was a commission earned from accommodation transaction - HELD THAT:- It is not in dispute that the transactions pertaining to the undisclosed income of Umed C.Mehta is also the subject matter of the Settlement Application in the case of Parasmal Jain. If that being so, there is a possibility that such a subsequent consideration by the Settlement Commission could be deemed as double taxation, in case the order dated 23.10.2009 passed by the Settlement Commission, in the case of Umed C.Mehta, is upheld. Order passed in the case of Parasmal Jain by the Settlement Commission has become final. While that being so, if the objections of the learned Standing Counsel for the respondents is to be accepted, the possibility of double taxation for one transaction may occur. This Court is of the view that the issue in the case of Umed C.Mehta could be reconsidered, in the light of the subsequent development through the orders passed by the Settlement Commission in the case of Parasmal Jain. It would not be appropriate to interfere with the present impugned notice at this stage, but, it would be appropriate to await the decision of the Settlement Commission, after remand, in the case of Umed C.Mehta.
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