Validity of order of Settlement Commission u/s 245D(4) - In this ...

Settlement Commission's Order u/s 245D(4) Overturned for Lack of True Disclosure; Case Returned for Assessment.

August 23, 2021

Case Laws Income Tax HC

Validity of order of Settlement Commission u/s 245D(4) - In this case, the 2nd respondent has been ill advised to not to make true and full disclosure and to take a chance considering the fact that the scope of enquiry before the 1st respondent Settlement Commission is a summary proceeding and proceeds on the principle of trust and assumption that an applicant has made a bona fide disclosure for settling the case. The 1st respondent merely relies on the inputs given by the departments to verify the claim of an income tax assessee. - no additional amount of income was offered over and above the amount disclosed in the returns filed u/s 139 - The impugned order is set aside. The case is remitted back to the jurisdictional AO to complete the assessments - HC

View Source

← Previous Next →

Validity of order of Settlement Commission u/s 245D(4) - In this ...

Settlement Commission's Order u/s 245D(4) Overturned for Lack of True Disclosure; Case Returned for Assessment.

August 23, 2021

Case Laws Income Tax HC

You may also like:

Validity of Settlement Commission order u/s 245D(4) - Proof of true and full disclosure of income - While this Court does not accept the contention of the petitioner...

Settlement of case - full and true disclosure - failure to disclose certain income - taking into consideration the spirit and mandate of the provisions contained in...

Settlement of case u/s 245D - Disclosure of additional income at the stage of 245D(4) - the Commission itself records a finding that the disclosure made in the...

Order of settlement u/s 245D(1) - full and true disclosure in application filed u/s 245C(1) - once the assessee approached settlement Commission with a certain amount,...

Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

Reopening of assessment u/s 147 - assessment after 4 years - reason to suspect OR reason to believe - Reopening of assessment which is already concluded under Section...

Settlement of case – True and full Disclosure – lack of co-operation on part of petitioners for settlement of their case, Commission has rightly held that it was fit...

Reopening of assessment u/s 147 - The duty is cast upon the assessee to make true and full disclosure of the facts at the time of original assessment. The duty of the...

Reopening of assessment u/s 147 - True and full disclosure of all material facts - It is true that in the assessment order self-disallowances have not been discussed but...

Reopening of assessment - reason to believe - The Court evaluates the concept of "true and full disclosure" as mandated by Section 147, considering relevant legal...

Validity of revised return 139(5) - Revised return did not conform to the prescription of section 139(5), before its substitution w.e.f. A.Y. 2017-18, which provided for...

Section 16(4) of the CGST Act imposes a time limit for claiming input tax credit (ITC), restricting it to the due date of filing the return for September following the...

HC upheld Settlement Commission's order accepting assessee's settlement amount under s.245D(4). Commission determined assessee lacked direct involvement in land...

Validity of the application filed u/s 245(C) - Settlement Commission - the prime consideration and pre-condition for entertaining an application is true and full...

Settlement Commission lacks power to rectify order u/s 245F(1) by levying interest u/ss 234A, 234B, and 234C prior to 01.06.2011. Rectification order on 21.03.2003 was...

Quick Updates: