2009 (7) TMI 632

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.... JUDGMENT C. N. RAMACHANDRAN NAIR J. - This original petition is filed by the Revenue challenging exhibit P-1 order issued by the Settlement Commission settling the block assessment of the assessee for the assessment years 1986-87 to 1996-97. A search was made in the residential and business premises of the assessee on February 1, 1996. Pursuant to search, the assessee filed a return and ....

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....or previous years Rs. 8,20,028." 2. The Settlement Commission allowed both the above items claimed by the assessee in the computation of long-term capital gains. It is against this order of the Settlement Commission, the Department has filed this original petition. I have heard standing counsel for the petitioner and Sri P. Balakrishnan, appearing for the respondent-assessee. 3. The counsel ....

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.... is impermissible under section 158BB(4) of the Income-tax Act. Though the Settlement Commission enjoys wide discretion in settlement of income-tax cases taken by it, it is bound by the statutory provisions and once there is an express bar, the Settlement Commission cannot get over it. In fact, the Settlement Commission itself has computed the profit on sale of long-term capital asset and further ....