9911796707
TMI Blog2024 (2) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... r Settlement-II, New Delhi on an application filed by the petitioner under Section 245-C of the Income Tax Act 1961 (for short, 'the Act'). 1.1 All these firms, in which the petitioner is positioned as the Proprietor or the Partner, allegedly were supplying machinery parts, spares and components to Hail Stone Innovations Pvt Ltd, a Company registered under the Companies Act 1956. Under the Finance Act 2021, the Income Tax Settlement Commission had been discontinued with effect from 01.02.2021. 2. Notice for assessment under Section 153-A of the Act was issued to the petitioner on 18.03.2020 for the Assessment Years 2015-16 to 2019-20. The assessment for all the years was completed under Section 143(3) read with 153-A of the Act vide order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. The report, which is quite detailed, has been placed on record as Ext. P5. 2.2 The petitioner filed his objection to the said report. The petitioner was heard, and several opportunities were granted to the petitioner. Thereafter, the application got rejected vide impugned order in Ext. P8. 3. The Commission, while rejecting the application of the petitioner, has held that the petitioner is the Director and Promotor of M/s Hailstone Innovations Private Limited. The petitioner is also the Proprietor of M/s Multi-Tech Engineering/Manufacturers Integra/Part and Components for Hailstone. He is also the Partner in M/s Baba Engineering Works, M/s Capital Equipment and Spares, M/s Screen World, M/s Siva Pipes and M/s Hindustan Fabricators. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntain uninterrupted supply of parts and components. As the undisclosed income determined was on a project basis, a portion of the undisclosed income had to be apportioned to the sole proprietorship of the petitioner. 3.3 The Commission was of the view that the petitioner had not adduced any reason or basis for apportioning the undisclosed income in the hands of the petitioner and the Company M/s Hailstone Innovations Private Limited during the course of the hearing, and no explanation came forward to explain the difference between the unaccounted sales calculated by the Principal Commissioner of Income Tax on the basis of the seized material and the unaccounted sale computed by the petitioner. 3.4 Considering the aforesaid, the Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication under Section 245-C. Section 245-E empowers the Commission to reopen the completed proceedings in appropriate cases, whereas Section 245F confers all the powers of an Income Tax Authority upon the Commission. Section 245-H empowers the Commission to grant immunity from penalty and prosecution, with or without conditions, in cases where it is satisfied that the assessee has made full disclosure of his income and its sources. Under Section 245-HA, the Commission can send back the matter to the Assessing Officer when it finds that the applicant is not cooperating with it. Every order of settlement passed under sub-section (4) of section 245-D is conclusive as to the matters stated therein and no matter covered by such order shall, sav ..... X X X X Extracts X X X X X X X X Extracts X X X X
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