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2017 (6) TMI 877 - HC - Income TaxOrder passed by Income Tax Settlement Commission u/s 245D challenged - rejecting the petitioner’s application for settlement primarily on the ground that the petitioner had not made true and full disclosures of the unaccounted income - Held that:- Commission had taken into account the documents and evidence on record and rejected the petitioner’s theory of having entered into off market transactions in two different capacities. These findings of the Commission are based on consideration of relevant materials presented before the Commission by both sides. The findings cannot be stated to be perverse in any manner. The scope of judicial review against an order passed by the Settlement Commission has been discussed by various decisions of this Court as well as Supreme Court. The petitioner did produce the affidavits of four persons who claimed that they were the sub-brokers for whom the petitioner had acted as a broker in respect of certain entries made in the seized diary. However, this by itself cannot be clinching evidence, nor can the petitioner contend that such factor cannot be discarded without cross examination of the deponents. The affidavits of such persons would certainly be a relevant factor to be taken into account by the Commission but can neither be sole nor a conclusive factor. In the present case the Commission, as noted earlier, has taken into account all the relevant factors and given cogent reasons to hold that the petitioner’s theory that he had acted as a broker in certain transactions was not correct. We find the reasons are quite convincing. It was precisely to demonstrate this that we have taken note of various facts and circumstances taken into account by the Commission. For example, Commission noted that though Bharat Thakkar, according to the petitioner, was a sub-broker in majority of these transactions, the petitioner had not disclosed his identity in his statement under Section 132(4) recorded two months after the search and did so for the first time while filing settlement application nearly two years later. Petition dismissed.
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