9911796707
TMI Blog2023 (8) TMI 775X X X X Extracts X X X X X X X X Extracts X X X X ..... e the order of the Settlement Commission - HELD THAT:- It is noted that initially only Rs.34 lacs was offered as the disclosed income spread over a period of three Assessment years. But, pursuant to the conduct of survey and recovery of incriminating documents during the course of settlement proceedings, ultimately, the authorised representative of the appellant/Assessee offered Rs.56 lacs as additional income for the purpose of taxation. We find substance in the argument of learned ASG appearing for the respondent/Department to the effect that there is no real determination of the undisclosed income. However, the High Court while setting aside the order of the Settlement Commission could have remanded the matter to the Settlement Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the subsequent re-assessment and demand made by the Department to the Assessee shall be kept in abeyance and subject to the order to be made by the Interim Board for settlement. The concerned Interim Board shall issue notice to the Assessee/Appellant, preferably within a period of four weeks, to appear before it and dispose of the application filed by the Assessee seeking settlement, in accordance with law and after giving an opportunity to both sides. - Hon'ble Mrs. Justice B.V. Nagarathna And Hon'ble Mr. Justice Ujjal Bhuyan For the Appellant(s) : Mr. Ramesh P. Bhatt, Sr. Adv., Mr. Malak Manish Bhatt, AOR And Mr. Siddharth Kumar,Adv. For the Respondent(s) : Mrs. Aishwarya Bhati, A.S.G., Mr. Raj Bahadur Yadav, AOR, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one of the partners of the firm was recorded. It appears that he had stated that there was a practice of receiving undisclosed amounts but they had been offered as additional income to an extent of Rs.3 crores for taxation over and above the disclosed income/normal income as such; that it was only a case of a tentative disclosure or non-disclosure and took time to make a complete disclosure. The survey was conducted on 11.01.2013. Thereafter, on 21.01.2014, the appellant moved the Settlement Commission in respect of Assessment years 2011-12, 2012-13 and 2013-14 by way of an application seeking settlement of its case. The appellant estimated the additional income for the AY 2011-12 at Rs.10 lacs, AY 2012-13 at Rs.13 lacs and AY 2013-14 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on had not passed a just and proper order; that this was not a case which was acceptable for settlement at all and, therefore, set aside the order of the Settlement Commission. Being aggrieved by the order of the High Court of Gujarat, the Assessee has preferred this appeal. We have heard Shri Ramesh P. Bhatt, learned senior counsel for the appellant and Ms. Aishwarya Bhati, learned ASG for the respondent and perused the material on record. During the course of submission, our attention was drawn to the proceedings of the Settlement Commission, the report submitted by the Department as well as the order of the Settlement Commission. It was submitted by learned senior counsel appearing for the appellant that having regard to the sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after may be carried forward. We have given our consideration of the rival contentions and perused the order of the Settlement Commission as well as the order of the High Court in light of the submissions made by the learned senior counsel and learned ASG for the respective parties. It is noted that initially only Rs.34 lacs was offered as the disclosed income spread over a period of three Assessment years. But, pursuant to the conduct of survey and recovery of incriminating documents during the course of settlement proceedings, ultimately, the authorised representative of the appellant/Assessee offered Rs.56 lacs as additional income for the purpose of taxation which is evident on a reading of paragraphs 7 and 7.1 of the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s well as the order of the Settlement Commission and remand the matter to the Settlement Commission, which is now substituted by Interim Board for Settlement-V (IBS-V), Mumbai or Interim Board for Settlement VI (IBS-VI), Mumbai, as the case may be, vide Office Order dated 31.01.2022, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, Government of India. In view of the remand being made to the said Interim Board, the subsequent re-assessment and demand made by the Department to the Assessee shall be kept in abeyance and subject to the order to be made by the Interim Board for settlement. The concerned Interim Board shall issue notice to the Assessee/Appellant, preferably within a period of four wee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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