2024 (9) TMI 1574 - SCH - Income Tax

Settlement applications u/s 245C (1) - statutory requirement of full and true disclosure u/s 245C of the Income Tax Act, 1961, pre-conditions associated with an application under Chapter XIX-A of the Act and effect of violation of the said pre-conditions on the jurisdiction of the Income Tax Settlement Commission ITSC as well as the fate of the application - As decided by HC 2024 (4) TMI 501 - DELHI HIGH COURT ITSC has erred in law by approving the application of the respondent-assessee group u/s 245C - ITSC further went on to grant immunity from the penalty and prosecution u/s 245H of the Act, which was contrary to the twin conditions stipulated herein above. Thus, the ITSC acted in excess of the jurisdiction conferred upon it under the Act. WP allowed. HELD THAT - Delay condoned. We are not inclined to interfere with the impugned judgment and, hence, the special leave petition is dismissed

Summary

The Supreme Court dismissed the special leave petition without interference with the impugned judgment. Delay was condoned and pending applications were disposed of.

Citation: TMI
Judges: HON'BLE MR. JUSTICE SANJIV KHANNA and HON'BLE MR. JUSTICE SANJAY KUMAR
Petitioner's Counsel: Mr. Ajay Vohra, Sr. Adv. Mr. Aniket Deepak Agrawal, AOR