Thomas Philip Vs Interim Board For Settlement-II (Kerala High Court)
Kerala High Court held that court cannot interfere with order of settlement commission if challenge is merely that Settlement Commission has chosen to take one of two possible views that can be legally taken in respect of an issue. Accordingly, writ disposed of.
Facts- The appellant has a 70% shareholding in two companies, namely M/s Delta Aggregators and Sand Pvt. Ltd. and M/s Delta Msand Pvt. Ltd. During the pendency of the proceedings initiated u/s. 153A, the appellant, along with the two companies, preferred settlement applications before the Interim Board for Settlement [IBS].
In this Writ Appeal, we are concerned only with the settlement application put in by the appellant in his personal capacity. That application was filed on 26.02.2021, and the appellant admitted an undisclosed income of Rs.44,00,000/- towards remuneration earned outside the banking channels for the assessment years 2013-14 to 2018-19. By the said order of the IBS, the total income of the appellant was settled at Rs.35,36,42,238/- together with applicable interest thereon. The appellant was also granted immunity from prosecution and from imposition of penalty under various provisions of the I.T. Act. The plea of the appellant for capitalisation of the amount offered as additional income was also allowed.
