Settlement Application cannot be admitted without considering objections raised by CIT

Shivali Bardoliya Brief of the Case: It was held by Hon’ble High Court of Bombay and Goa in the case of CIT V/s M/s Sai Prasad Properties Limited that an application under section 245D(2C) of the Act has to be disposed of after considering the objections raised by CIT and supported by valid reasons for not accepting the objection raised by CIT in its report. Facts of the Case: This petition challenges the order dated 19/05/2014 passed under section 245D(2C) of the Income Tax Act by Income Tax Settlement Commission dated 19/05/2014 mentioning therein the application filed by the respondent f...