There must be Validity of application filed before Settlement Commission

Brief about the Case The matter involves three assessment years, namely,2010-11,2011-12and 2012-13.The Assessee firm was engaged in the business of trading in ferrous and nonferrous metals. During a scrutiny assessment related to A.Y. 2010-11 it was noticed that the second Respondent-Assessee had purchased materials/goods from various parties. In order to verify the genuineness of purchase transactions from one such party, namely, M/s. Nutan Metals, information under section133(6) of the IT Act were called for but the said notice was returned back. However, on 12thFebruary 2013, Shri Panchanma...