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TMI Blog2015 (12) TMI 1508X X X X Extracts X X X X X X X X Extracts X X X X ..... petition is, there was a search conducted under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as 'the IT Act', for brevity) of the Company called Boyance Infrastructure Private Limited on 11.10.2012. The statement made under Section 132(4) of the IT Act of the Chief Executive Officer and the Managing Director of the assessee company was recorded on 11.10.2012. It was admitted that the payments made to various subcontractors was without actual work being done and the genuineness of payments could not be substantiated. On 22.10.2012, the statement under Section 132(4) of the IT Act of the Director of the assessee company and the Director of several other companies of the Boyance group was recorded. It was admitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 139(1) was reduced considerably. The total income declared in the revised returns of income for the assessment year 2010-11 is Rs. 70,53,040/-, for the assessment year 2011-12 is Rs. 27,21,82,040/- and for the assessment year 2012-13 is Rs. 52,23,44,370/-. The assessee had then filed an affidavit dated 26.03.2015 through its Managing Director, withdrawing the admission made in the statement recorded under Section 132(4) of the IT Act and withdrawing the declaration made in the returns of income filed under Section 153A of the IT Act, though the same is not permissible under the IT Act. The assessee had approached the Settlement Commission for the Assessment years 2010-11 to 2013-14. The additional income offered for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Etc. vs. Commissioner of Income Tax (2010) 326 ITR 0642 , wherein according to the learned counsel for the petitioner, the Supreme ourt while considering the very issue as to the procedure to be followed in an application being filed before the Settlement Commission, had observed that the requirement of making a full and true disclosure of the income at the initial stage, was a precondition to entertainment of any such application. This has been laid down in Paragraph 26 of the judgment, which has been totally overlooked by the Settlement Commission. Therefore, he would seek intervention by this court. While on the other hand, the learned Senior Advocate Shri Udaya Holla appearing for the learned counsel for Respondent No.1 would point ou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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