2014 (5) TMI 857

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....ocate For the Respondent : Mr. Yogesh Putney, Advocate ORDER Hemant Gupta, J. The challenge in the present writ petition is to an order passed on 21st December, 2012 passed by the Income Tax Settlement Commission (for short, 'the Commission') on an application for rectification of the order passed on 22nd June, 2012. The Petitioner has claimed benefit of the amount of excise du....

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....ty paid during the financial year 2007-08 relevant to the assessment years 2008-09. Therefore, the rectification of the mistake in the order of the Commission was sought. The Commission found that in a petition for settlement, the petitioner has reflected total income returned as Rs.18,13,650, in addition thereto, the petitioner has reflected undisclosed income as Rs.12,87,529. After noticing t....

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.... G.P rate then it should be allowed a deduction under Section 43B of the amount of Rs.80 lakhs. The plea of the applicant, if accepted, would mean that the income of the applicant for the assessment year 2008-2009 would be settled at a figure which is lower by Rs.39,16,849, than the figure himself declared by the applicant in the SOF. After considering the facts discussed above, we are of th....