{"id":4855,"date":"2019-04-10T13:01:30","date_gmt":"2019-04-10T13:01:30","guid":{"rendered":"http:\/\/itatonline.org\/digest\/bhatia-colonizers-p-ltd-v-dy-cit-2019-261-taxman-115-raj-hc\/"},"modified":"2019-10-05T06:46:58","modified_gmt":"2019-10-05T06:46:58","slug":"bhatia-colonizers-p-ltd-v-dy-cit-2019-261-taxman-115-raj-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/bhatia-colonizers-p-ltd-v-dy-cit-2019-261-taxman-115-raj-hc\/","title":{"rendered":"Bhatia Colonizers (P.) Ltd. v. Dy. CIT (2019) 417 ITR 143\/ 261 Taxman 115\/ 309 CTR 240 \/ 179 DTR 249(Raj.)(HC)"},"content":{"rendered":"<p>After search and seizure, petitioner company filed application for settlement of case in which it declared additional income of Rs. 30 lakh .Individual share percentage of directors was 9.3 per cent, 11 per cent, 11 per cent, respectively. Petitioner company contended that collective stake of directors exceeded 20 percent in company, Thus, directors had substantial interest in petitioner company and therefore, petitioner company would qualify as a &#8216;specified person&#8217; within meaning of Explanation (a) to section 245(1) being covered under clause (v) of Explanation (a) to section 245C and thus, settlement application could be filed. Settlement Commission rejected application on ground that clubbing of shareholding held by different shareholders to make collective shareholding of 20 per cent is not permissible under law and, thus, settlement application could not be admitted. On writ the Court held that settlement application was rightly rejected by Settlement Commission. (AY. 2010-11 to 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 245C : Settlement Commission-Settlement of cases\u2013Clubbing of shareholding held by different shareholders to make collective shareholding of 20 per cent is not permissible under law\u2013Rejection of application is held to be justified. [ S. 132 ]<\/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-4855","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1gj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4855","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=4855"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4855\/revisions"}],"predecessor-version":[{"id":7671,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/4855\/revisions\/7671"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=4855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=4855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=4855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}