2001 (4) TMI 11 - SC - Income Tax

Plea for stay of notice under section 158BC - It is needless to mention that the subject-matter of the writ petition was the notice issued under section 158BC of the Income-tax Act and not the proceedings before the Settlement Commission - Settlement Commission was not a party to the writ petition, therefore, the question of the Settlement Commission being bound by the observations of the High Court does not arise - plea not accepted

Summary

The Supreme Court granted leave and disposed of the appeal related to an impugned notice under section 158BC of the Income-tax Act, 1961. The appellant's petition before the Settlement Commission was clarified not to be bound by High Court observations. No costs were awarded.