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2021 (4) TMI 544 - HC - Income TaxSettlement Commission (SC) order u/s 245D(2C) - whether there has been a full and true disclosure of income by the petitioner? - HELD THAT:- We had occasion to consider the same issue in the case of Hitachi Power Europe GmbH V. Income Tax Settlement Commission and others [2020 (9) TMI 540 - MADRAS HIGH COURT] and in very similar circumstances, have held that a discussion on the merits of the taxability of income at the stage 245D(2C) would be beyond the scope of what that provision envisaged.No serious contest is laid to this position by the revenue. Revenue points out that the petitioner has been lethargic in approaching this Court and there are laches on its part insofar as the writ petition is filed only after six months from the date of the impugned order and that too after the petitioner has participated in the proceedings for assessment initiated by the Assessing Authority. The petitioner explains the interregnum as administrative delay since some of the approvals necessary for the initiation of litigation had to be received from abroad. We accept this submission and reject the argument of the Revenue. The writ petition is liable to be allowed - impugned order is set aside.
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