2013 (1) TMI 429

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....itioner .......... Challenge in the present writ petition is to an order passed by the Income Tax Settlement Commission (for short the 'Commission') dated 30.10.2012, deciding the request of the petitioner for settlement in terms of the provisions of Section 245-C of the Income Tax Act, 1961 (for short the 'Act'). The grievance of the petitioner is in respect of application of 12% gross p....

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....8,418 72,43,932 1999-2000 8.32% 1,73,17,216 2,49,90,576 76,73,360 Learned counsel for the petitioner argued that the issue before the Commission was in respect of cash credit entries amounting to Rs. 3,13,89,655/- and not the income derived from its business. An issue which was not raised by the Commissioner in his report nor such an issue was arising for consideration before ....

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.... Commissioner of Income Tax vs. M/s Godwin Steels Pvt. Ltd. decided on 23.2.2012. No doubt, the Commissioner of Income Tax in his report under Rule 9 of the Rules, has not referred to gross profit rate applied by the petitioner as an objection for the settlement but the fact remains that the Commission has found that the rate of profit adopted by the assessee was in fact leading to undisclosed ....

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....to independently assess the materials and evidence, whether adduced by the assessee-applicant or by the CIT and come to a conclusion by themselves.' The judgment in Brij Lal's case (supra), has no applicability to the facts of the present case. In the aforesaid judgment, Hon'ble the Supreme Court has discussed the scope of Section 245-C of the Act. There is no finding that the gross profit rati....