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Settlement Application Cannot Be Rejected Without Examining Manner of Deriving Undisclosed Income
Case Law Details
- Case Name
- Khazana Jewellery Pvt. Ltd. Vs Income Tax Settlement Commission (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All High Courts, Madras High Court
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Khazana Jewellery Pvt. Ltd. Vs Income Tax Settlement Commission (Madras High Court)
The appeal before the Madras High Court arose from the dismissal of a writ petition challenging the rejection of a settlement application filed under Section 245C of the Income Tax Act, 1961. The appellant company, engaged in manufacturing and trading of jewellery, was subjected to a search under Section 132 on 21.04.2016. During the search, the Managing Director admitted in his sworn statement that refinery losses had been inflated by about 3% to 5%, and excess gold siphoned off and sold in the black market. I...
