https://www.taxtmi.com/caselaws?id=258993 The court upheld the Settlement Commission's decision on income computation and tax liabilities, dismissing the writ petition challenging the surrendered amount and computation of income. It ruled that voluntary statements under Section 133A can be the basis of assessment, requiring evidence to retract them. The court supported the Commission's use of an average betel nuts price and clarified the charging of interest until the settlement application's acceptance. As the petitioner failed to provide evidence disproving the initial admission, relief was not granted, suggesting a rectification application for addressing interest concerns. en-us Mon, 16 Feb 2015 00:00:00 +0530 Mon, 27 Apr 2015 07:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258993 The court upheld the Settlement Commission's decision on income computation and tax liabilities, dismissing the writ petition challenging the surrendered amount and computation of income. It ruled that voluntary statements under Section 133A can be the basis of assessment, requiring evidence to retract them. The court supported the Commission's use of an average betel nuts price and clarified the charging of interest until the settlement application's acceptance. As the petitioner failed to provide evidence disproving the initial admission, relief was not granted, suggesting a rectification application for addressing interest concerns. Case-Laws Income Tax Mon, 16 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258993