https://www.taxtmi.com/caselaws?id=374709 The court upheld the decision of the Settlement Commission, ruling against the petitioner-Company. The court found that the petitioner did not meet the criteria under clause (v) or (vi) of the explanation to Section 245C(1) of the Income Tax Act, 1961. It emphasized the strict interpretation of taxing statutes and rejected the petitioner's argument for shareholding clubbing. The court referenced a previous judgment supporting strict interpretation and substantial interest requirements. Ultimately, the court dismissed the writ petition, finding no illegality in the Settlement Commission's decision and awarded no costs to the petitioner. en-us Tue, 18 Dec 2018 00:00:00 +0530 Fri, 20 Sep 2019 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374709 The court upheld the decision of the Settlement Commission, ruling against the petitioner-Company. The court found that the petitioner did not meet the criteria under clause (v) or (vi) of the explanation to Section 245C(1) of the Income Tax Act, 1961. It emphasized the strict interpretation of taxing statutes and rejected the petitioner's argument for shareholding clubbing. The court referenced a previous judgment supporting strict interpretation and substantial interest requirements. Ultimately, the court dismissed the writ petition, finding no illegality in the Settlement Commission's decision and awarded no costs to the petitioner. Case-Laws Income Tax Tue, 18 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374709