9911796707
TMI Blog2023 (2) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... 961 (in short 'Act') relating to the assessments for the years 2011-12 to 2017-18. 2. The assessments had been framed consequent upon a search under Section 132 of the Act conducted on 13.07.2016 at the registered office of the petitioner trust and in the residential premises of the managing and other trustees. The application had come up for admission before the Settlement Commission on 15.02.2019 and after hearing the petitioner, the application was admitted to be proceeded further under Section 245D (1) of the Act. 3. Additionally, the petitioner was required to make a full remittance of the taxes due on the additional income offered, in compliance of the statutory pre-condition for maintaining its application before the Settle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29F 1,00,00,000 9. Kumar M/s.Lakshmiammal Educational Trust - 27,50,000 10. Raghunathan M/s.Lakshmiammal Educational Trust - AABTS1129F 90,50,000 6. The above letter, in my view, gives a picture to the addressee, the petitioner herein, that the amounts lying to its credit amounted to a sum of Rs.11,15,98,860/- as is clear from the heading of the third column which states 'name of the assessee in whose name cash seized deposited'. 7. The petitioner had remitted a sum of Rs.11,40,63,961/- and had sought adjustment of a sum of Rs.9,23,01,365/- from out of the cash seized amounting to a sum of Rs.11,15,98,860/-. This position had also been accepted by the Settlement Commission in order dated 15.02.2019 at para 10, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount offered be deposited along with the settlement application at the time of filing. The petitioner has proceeded in line with the contents of letter dated 17.12.2018 that convey that an amount of Rs.11.15 crores (approx.) is available to the credit of the petitioner in the PD account. It is thus that the petitioner has availed credit of a sum of Rs.9,23,01,365/- from the said amount towards the amount of tax due. 12. The confusion and the error, if at all, arises only from the contents of letter dated 17.12.2018. The unambiguous impression that it conveys is that the entirety of the credit determined as balance in the PD account enured to the benefit of this petitioner. Immediately and coming to know of the same, the petitioner has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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