Free Judgments

Agson Global Pvt Ltd & Ors vs Income Tax Settlement Commission … on 6 January, 2016

BADAR DURREZ AHMED, J

1. The only issue which arises for consideration in this writ petition is

whether the income tax settlement commission has the power to direct a

special audit under section 142 (2A) in exercise of its power vested in

section 245F of the Income Tax Act, 1961 (hereinafter referred to as “the

said act”)?
2. Petitioner Nos. 1 to 7 filed a settlement application before the income

tax settlement commission, New Delhi under the provisions of chapter

XIX-A of the said act on 12.12.2011. Thereafter, on 22.12.2011 petitioner

nos. 8 to 10 filed their settlement application before the said income tax

settlement commission. On 22.12.2011, the principal bench of the said

settlement commission passed an order under section 245D (1) of the said

act admitting the application made by petitioner nos. 1 to 7 for settlement

before it. Similarly, on 28.12.2011, the principal bench of the income tax

settlement commission passed an order under section 245D (1) of the said

act admitting the applications made by petitioner nos. 8 to 10 for settlement

before it. On 21.06.2012, the Commissioner of income tax, Delhi furnished

his consolidated report as required by the income tax settlement

commission. The petitioners submitted their reply to the said consolidated

report on 10.09.2012. As required by the settlement commission, the

petitioners submitted their consolidated profit and loss account and balance

sheets for the assessment year’s 2004-05 to 2011-12 before the assessing

officer (Asst Commissioner of income tax, central circle 23, Jhandewalans,

New Delhi).

Source: Indian Kanoon

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