The Assessee originally filed its return of income declaring “NIL\u201d income. The return was \u00a0processed u\/s.143(1) of the Act . \u00a0Thereafter, a search and seizure action on GTL group, subsequent to the search action, a notice u\/s.153C was issued by the AO to the assessee, in response to which the assesse company filed a ROI, showing the same income as was originally returned u\/s.139(1). \u00a0An application was made by the Assessee before the Settlement Commission in respect to AYs. 2005-06 to 2012-13. After considering the \u00a0submissions \u00a0The Settlement Commission passed its final order u\/s. 245D (4) of the Act and accepted the declaration made by the assesse. \u00a0Subsequently, the Assessing Officer received \u00a0information from Investigation Wing of Income -tax Department at Mumbai, stating that loan taken by the assessee were in nature of accommodation entries and consequently\u00a0\u00a0 passed the reassessment order making addition. of \u00a0Rs 88, 03, 50, 000 \u00a0under section 68 of the Act. On appeal \u00a0the CIT( A)\u00a0 quashed the reassessment order . On appeal by Revenue \u00a0the honorable Tribunal affirmed the order of the CIT( A)\u00a0 and held that\u00a0 order of Settlement Commission for that \u00a0year is conclusive and cannot be reopened except as provided in that Chapter . \u00a0Referred \u00a0Omaxe Ltd v. DCIT (2014) 364 ITR 423(Delhi)(HC) \u00a0Komalkant Faikirchand Sharma v. DCIT (2019) 417 ITR 11\/ \u00a0265 Taxman 284 (Guj)(HC) \u00a0\u00a0( ITA No. \u00a0577 \/Mum\/ 2021 dt. 22 -12 -2022 \u201c G\u201d\u00a0 ( AY . 2012 -13 ) \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
. 147: Reassessment \u2013 Cash credits – Share application money \u2013 Settlement Commission accepted the returned income as per settlement petition \u2013 Reassessment notice was issued on the basis of subsequent search action in the group concern – Assessing Officer has no jurisdiction to issue notice under section 148 of the Act after passing of the order by Settlement Commission – Order of settlement commission is conclusive and cannot be reopened except as provided in that Chapter . [ S. 68 , 148 245D(4) , 245I ] <\/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":[21],"tags":[],"class_list":["post-31637","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8eh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31637","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=31637"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31637\/revisions"}],"predecessor-version":[{"id":31638,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31637\/revisions\/31638"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}