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2023 (2) TMI 317 - HC - Income TaxSettlement of a Case - Procedure u/s 245D - Non deposit of admitted tax u/s 245C on time - Payment of the taxes of additional income partly by way of adjustment against cash seized. - On receiving notice, petitioner paid the amount through challan and placed the same on file - HELD THAT:- The provisions of Section 245C impose a pre-condition that the entirety of the admitted tax in respect of the amount offered be deposited along with the settlement application at the time of filing. The petitioner has proceeded in line with the contents of letter dated 17.12.2018 that convey that an amount of Rs.11.15 crores (approx.) is available to the credit of the petitioner in the PD account. It is thus that the petitioner has availed credit of a sum of Rs.9,23,01,365/- from the said amount towards the amount of tax due. The confusion and the error, if at all, arises only from the contents of letter dated 17.12.2018. The unambiguous impression that it conveys is that the entirety of the credit determined as balance in the PD account enured to the benefit of this petitioner. Immediately and coming to know of the same, the petitioner has remitted the sum of Rs.1.5 crores and this, in my considered view, constitutes substantial and adequate compliance of the statutory condition. The impugned order is thus set aside. The Settlement application stands restored to the file of the Settlement Commission (Interim Board) that shall hear the petitioner as expeditiously as possible.
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