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M/s. M.A. Jacob & Company, M/s. Flooring & Furnishing Company, M/s. Jacob's Cleaning Products Company, M/s. M.A. Jacob's Furnishing Department, M/s. M.A. Jacob's Carpets & Furnishing Company Versus Commissioner of Income Tax, Income Tax Settlement Commission

Withdrawal of Waiver of interest u/s 234A & 234B - order by settlement commission - petitioners were aggrieved as they cannot be saddled with liability alone and the 1st respondent cannot be permitted to withdraw the concessions unilaterally - terminal date for charging of interest under Section 234B - rectification petition - Held that:- In an identical circumstance, in the case of R. Vijayalakshmi V. Income Tax Settlement Commission [2016 (8) TMI 657 - MADRAS HIGH COURT] answered the issue in .....

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e Act 2011 with effect from 01.06.2011. Even the said provision is not a power of review. But, the phraseology used by the legislation is 'rectification'and such rectification can be done on any mistake apparent from the record. Therefore, such power exercisable under sub Section 6D of Section 245D can be exercised only to rectify a mistake and such mistake should be apparent from the record. Thus, even as per the amendment made by Finance Act, 2011, power of review is not conferred on the Settl .....

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rirs [2002 (12) TMI 10 - SUPREME Court] with respect to the terminal date for charging of interest under Section 234B. Admittedly, these decisions were rendered by the Hon'ble Supreme Court much after the final order was passed by the Commission under Section 245D(4). - Rudimentary legal principle is that subsequent development of law cannot be a ground to exercise review jurisdiction and that cannot be taken into consideration as an error apparent on the face of the record. Hence, on that g .....

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Commission, dated 19.02.2004. 3. In respect of the assessment years 1988-89 to 1992-93, relating to petitioner Nos. 1 to 4 and for the assessment year 1995-96, relating to the fifth petitioner, the Settlement Commission passed a consolidated order dated 07.01.2000 under Section 245D(4) of the Income Tax Act, 1961. The effect of the said order is granting waiver of interest under Sections 234A & 234B. In the said orders, the terminal date for charging of interest under Section 234B was fixed .....

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ile their counter to a miscellaneous petition filed before the Commission for varying its order dated 07.1.2000. The petitioners were aggrieved as they cannot be saddled with liability alone and the 1st respondent cannot be permitted to withdraw the concessions unilaterally. Further, the 1st respondent had misquoted the recent pronouncement of the Honourable Supreme Court in the miscellaneous petition and the petitioners filed a counter and contested the matter before the Settlement Commission. .....

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at the 1st respondent cannot be allowed to go back on a settlement already arrived at before the Settlement Commission, before whom certain voluntary disclosures were made by the petitioners only on account of the fact that it would be conclusive and there would be an end to all disputes. Inspite of such contest before the Settlement Commission, the Settlement Commission has passed the impugned order and has re-opened the earlier order passed by it. This has been challenged by the petitioners be .....

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onourable Supreme Court. Both the above issues were answered in favou rof the assessee and against the Revenue. The operative portion of the order dated 26.07.2016 reads as follows: 7. After hearing the learned counsel for the parties and perusing the materials placed on record, the first issue to be answered is with regard to the power of the Commission to reopen its proceedings. Section 245-I of the Act states that any order of the Commission passed under Section 245 shall be conclusive as to .....

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er of review with the authority and if it is done, it has to be termed as wholly without jurisdiction. Sub-section (1) of Section 245(F) which states that Settlement Commission shall have all powers which are vested in Income Tax Authority under the Act cannot be read in isolation but it should be red in tandem with Section 245(I) and if it is done, then it is to be held that there is no power of review conferred on the Commission to reopen the proceedings. This position held the field till an a .....

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t made by Finance Act, 2011, power of review is not conferred on the Settlement Commission. 8. In the case of Smt. U. Narayanamma, Writ Petitions were filed challenging the orders passed by the Settlement Commission on the ground that the Commission has no power to rectify its earlier order even under Section 245D of the Income Tax Act, 1961. The Hon'ble Division Bench of the Andhra Pradesh High Court after taking into consideration the decision of the Hon'ble Supreme Court in Brin Lal, .....

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