CIT v. ITSC (2021) 127 taxmann.com 367 (Mad) (HC)

S. 245C : Settlement Commission – Settlement of cases – Conditions – Subsequent additional statements could not be relied upon in order to satisfy requirements of S/245C and ITSC has exceeded its jurisdiction in setting aside such issue as regular assessment has to be made in such case. [ Art . 226 ]

Held by the High Court that, (i) an application for settlement cannot be entertained when there are discrepancies and doubt arising as regards true and full disclosure of income by the Assessee approaching ITSC (ii) in order to satisfy requirements of Section 245C of the Act, Assessee has to disclose true and full income at the time of making application and if the Assessee revised its offer before ITSC by declaring additional undisclosed income and ITSC had considered said revised offer then such subsequent additional statements could not be relied upon in order to satisfy requirements of provisions u/s 245C and ITSC has exceeded its jurisdiction hence regular assessment was to be made (WP No.3297 of 2014, dt 11-08-2021) (AY. 2012-13)

Leave a Reply

Your email address will not be published. Required fields are marked *

*