Assessee was carrying on business of purchase and sale of land and trading in textile items of art silk clothes. During course of survey operation under S.\u00a0 133A, variousloose documents were found by department.\u00a0 Department filed a report before Settlement Commission submitting that quantum of additional income i.e. Rs. 22.09 Crore initially disclosed by assessee before Commission was not true and full disclosure.\u00a0 During course of hearing before Commission, assessee disclosed further additional income under section 245D(4) aggregating to Rs. 12 crore for five assessment years i.e. 2012-13 to 2016-17, so as to put an end to controversy and in spirit of settlement before Commission.\u00a0 Commission accepted disclosure made by assessee and held that all issues raised by petitioner were covered in said disclosed additional income.\u00a0 Accordingly, case of assessee was settled on terms and conditions stated in order passed by Commission. Revenue filed the writ petition challenging\u00a0 the\u00a0 order of the Settlement Commission. Dismissing the petition the Court held that,\u00a0 merely because assesseee had disclosed further additional income during course of settlement, it could not be said that Commission did not follow procedure prescribed under Act. According the\u00a0 Commission was right in considering said revised offer made by assessee. (AY. 2012-13 to\u00a0 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 245D : Settlement Commission\u2013Full and true disclosure\u2013 Additional income disclosed\u2013Justified in holding that there was a full and true disclosure-Writ petition of revenue is dismissed . [S. 133A, 245C, 245D(4), Art. 226]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11469","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2YZ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11469"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11469\/revisions"}],"predecessor-version":[{"id":17150,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11469\/revisions\/17150"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}