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The Bombay High Court upholds the discretion of the Income Tax Settlement Commission, stressing that it should not be reviewed as an appellate court. Full text judgment analysis.
Once it is seen that the disclosure was not full and truthful, the ITSC loses its jurisdiction to entertain such an application as well as to provide any immunity to the applicant from prosecution and penalties.
Delve into the crucial judgment of Orchid Infrastructure Developers Pvt Ltd Vs PCIT, where the Delhi High Court ruled against reopening assessments under Section 147/148 after a final settlement order under Section 245D(4).
Kerala High Court dismisses a writ petition for failing to meet Section 245C(1) of the Income Tax Act, emphasizing full and true income disclosure.
Delhi High Court closes writ petition as the CIT’s claim is rejected during Corporate Insolvency Resolution Process (CIRP) before NCLT. Get insights into the judgment.
ITAT Ahmedabad held that addition towards unexplained expenditure unsustainable as impugned amount has already been surrendered by the firm and accepted by the Settlement Commission.
ITAT Ahmedabad held that once the Income Tax Settlement Commission has passed final order u/s. 245D of the Income Tax Act, AO has no jurisdiction to reopen the same u/s. 148 of the Income Tax Act.
Supreme Court upheld an order by Settlement Commission granting immunity from penalty and prosecution, emphasizing importance of full disclosure and cooperation.
Supreme Court held that while setting aside the order of Settlement Commission, High Court could have remanded the matter to the Settlement Commission for re-consideration and re-determination of undisclosed income. It is unjust to set aside the order of Settlement Commission without re-determination of undisclosed income.
In the case being analyzed, the Delhi High Court referred to Explanation (i) to Clause (b) of Section 245A to determine whether the proceedings for assessment or reassessment had commenced for the assessment years 2012-13, 2013-14, and 2014-15. The court concluded that based on a plain reading of the explanation, no such proceedings had commenced during those years. As a result, the court upheld the decision of the Income Tax Settlement Commission to deem the petitioner’s application under Section 245C(1) invalid for those assessment years.
