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2014 (3) TMI 894

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....re shareholders and Directors of a Company under the name and style "M/s.Lakshmi Granites Ltd." A search was conducted at the premises of the firm and at the residences of the Directors. Subsequently, in pursuance of the returns filed by the petitioners for the assessment year 1995-96, they were assessed to income-tax and tax liability and interest were determined as payable under Section 143(3) of the Income-tax Act, 1961 (for short "the Act"). Whereas in W.P.No. 6251 of 1999, the petitioner is a company engaged in the business of manufacturing and trading rolled steel products, such as bars, flats, rounds, etc. By Finance (No.2) Act, 1998, a Scheme, popularly known as Kar Vivad Samadhan Scheme, 1998 (for brevity "the K.V.S.S.") was introd....

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....w that the subject matter of the purported relief is not amenable to assumption of jurisdiction under Section 264 of the Act and that the application was evidently filed by way of pretence for the collateral purpose of getting the declaration admitted under the K.V.S.S. In essence, in all the cases, the reason for rejection of the declarations filed by the petitioners under the Scheme is one and the same i.e. as on the date of filing the declarations, there is no dispute pending in the eye of law as the revisions filed by them under Section 264 of the Act are not maintainable and are beyond the scope of jurisdiction under Section 264 of the Act. These rejection orders are assailed before us. Sri M.V.J.K.Kumar and Sri C.V.Narasimham, learned....

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.... revisions before the Commissioner in terms of Section 264 of the Act. He further submits that in the cases where the returns are voluntarily filed and the same have been accepted in toto in terms of the returns filed by the assessees, there can be no cause of action for the petitioners to file revisions inasmuch as there is nothing to be revised by the authorities. In other words, he would submit that there are no bona fides and the very filing of the revisions is for achieving collateral purpose of availing the benefits of the Scheme which they are otherwise not entitled to. He further submits that the object of the Scheme is to put an end to the litigation but not to create further litigation. Having heard the learned counsel for both t....