https://www.taxtmi.com/caselaws?id=341154 The Special Bench decision in Neptune Developers Pvt. Ltd. held that additional taxable income disclosure is not mandatory for each assessment year in a settlement application under Section 245C of the Income Tax Act. The Income Tax Settlement Commission erred in rejecting the petitioner's applications for some years based on this requirement. An interim stay was granted to prevent the Assessing Officer from initiating proceedings for certain assessment years. Disputes for Assessment Years 2013-14 and 2014-15 were settled at higher figures than proposed by the petitioner, leading to additional tax payable. The court deferred a decision on interim relief and scheduled the petition for final hearing alongside related cases. en-us Fri, 10 Mar 2017 00:00:00 +0530 Mon, 03 Apr 2017 07:28:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341154 The Special Bench decision in Neptune Developers Pvt. Ltd. held that additional taxable income disclosure is not mandatory for each assessment year in a settlement application under Section 245C of the Income Tax Act. The Income Tax Settlement Commission erred in rejecting the petitioner's applications for some years based on this requirement. An interim stay was granted to prevent the Assessing Officer from initiating proceedings for certain assessment years. Disputes for Assessment Years 2013-14 and 2014-15 were settled at higher figures than proposed by the petitioner, leading to additional tax payable. The court deferred a decision on interim relief and scheduled the petition for final hearing alongside related cases. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341154