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2020 (1) TMI 729 - HC - Income TaxSettlement Commission - rectification of mistake - adjust the seized amount towards tax and interest payable by the applicant for the block period and remaining amount towards the tax/interest payable for the assessment year 1999-2000 - contention of the petitioners that if the amounts were adjusted then and there as per the directions of the 1st respondent Settlement Commission and reported to the 1st Respondent Settlement Commission, the interest in Annexures would not have been payable by the petitioners - HELD THAT:- Since the 1st respondent Settlement Commission is seized of the applications for rectification of mistake that the writ petitions were premature. These applications should be decided by the 1st respondent Settlement Commission. 2nd and 3rd respondents are directed to take steps to liquidate the fixed deposits which were also seized and to appropriate amount towards the balance of admitted tax liability and interest of the petitioners and file a report before the 1st respondent Settlement Commission within a period of 4 weeks from the date of receipt of a copy of this Order. The 1st respondent Settlement Commission shall thereafter dispose the applications filed for rectification of mistake by the petitioners within a period of 6 months thereafter. Liberty is given to the petitioners and the respondents to make appropriate submissions before the 1st respondent Settlement Commission and in case there is any excess amounts after such adjustment, the same may be directed to be refunded to the petitioners. In case of any deficit, petitioners may be directed to pay the aforesaid amount together with interest in accordance with law.
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