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TMI Blog2015 (5) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act. 2. A search took place in the premises of one K.C.Group on 5.10.2001. Besides cash to the extent of Rs.2,16,500/- and stock to the tune of Rs.53,21,218/-, certain documents and books of accounts were seized. Notice under Section 158BC was served on the assessee on 8.10.2002; responding to it assessees filed return for the block period ending 5.10.2001 on 10.12.2002, disclosing Nil income. Soon thereafter, on 11.12.2002 they applied under Section 245D(1) to the settlement commission and disclosed Rs.10 lakhs in the hands of each of the four persons i.e. a total of Rs.40 lakhs at 2% of turnover of Rs.20 crores. By a speaking order, these applications were admitted under Section 245D(1) on 23.10.2003. 3. The settlement commission ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax paid as on 24.07.2007 Rs.12/240/- Date of passing of order u/s 245D(4) 26.03.2010 Undisclosed Income finally settled Rs.37,04,040/- Balance Tax Paid by the appellant in response to Order passed by the Settlement Commission u/s 245D(4) Rs.16,43,000/- Date on which the tax has been paid by the appellant in pursuance of order 245D(4) 04.05.2010 4. In view of these facts, the CIT returned the finding that the assessee had deposited tax within the time specified under Section 245D(2A). The CIT(A) also observed that, however, the AO while passing the order under Section 158BC read with 245D(4) of the Act charged interest under 245D(2C) of the Act for the period starting from 01.01.2004 to 26.3.2010 @ 15% amounting to Rs.13,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue also submits that the decision in Ajmera Housing Corporation & Anr. (supra) was inapt in the circumstances of the case. 8. We notice that the question of levying any additional interest over and above what is permissible under Chapter XIX-A would not arise in the given circumstances of the case. 9. Concededly at the time when the application was filed before the settlement commission, the assessee deposited the admitted tax liability. Soon thereafter, when the application was admitted, the amount required was deposited within the time stipulated under Section 245D(6A). The further tax liability determined was payable after the final decision. The records and materials examined by the CIT(A) and upheld by the ITAT disclose that even ..... X X X X Extracts X X X X X X X X Extracts X X X X
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