TaxTMI 
TaxTMI 
2017 (1) TMI 1286
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....petitioner to the impugned Order dated 9th August, 2016 of the Commission is it had rejected its application for settlement under Section 254(D)(4) of the Act on the ground of failure to make a full and true disclosure in the application for settlement. It is contended by the petitioners that the impugned order held that there is no full and true disclosure on account of the following three claims: (a) On money received by the petitioner; (b) Estimated expenses incurred out of on money; and (c) The entitlement to the benefit of Section 80IB of the Act. 3. However, we note that the impugned order dated 9th August, 2016 rejects the petitioners application for settlement on the following two grounds : (a)....
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....ly. The Bombay High Court in its order dated 28.02.2014 in CIT (Central IV) vs. ITSC WP No.2135 of 2013, following its decision dated 13th June, 2013 in WP 3900 of 2013 CIT (Central), Pune vs. ITSC, has held as under: "...even if the application for settlement is declared valid in terms of Sec 245D((2C) of the Act , yet it would not estop / bar the Commission from rejecting the application for settlement at later date for non-disclosure of true and full information of the income or the manner in which income was derived. As the requirement of full and true disclosure of the income and the manner in which the income is derived is a requirement to be satisfied by the applicants at all time before this Commission" 6. Therefore, exa....
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....tion as someone else was occupying their slums on rentals. c. Shifting expenses and Rental payments to slum dwellers. d. Compensation of slum dwellers who were using the residential slum for commercial purpose. e. Brokerage paid for gtting the approvals of slum dwellers. f. Speed money for getting clearances. g. Expenses incurred for security and protection. h. Construction expenses on material etc. for construction of rehab buildings. All these expenses have been incurred from the unaccounted business receipts from projects. These expenses were not recorded in the regular books of accounts as the same is incurred out of unaccounted receipts." 8. In the petition at page 18 in....
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....tition. The learned Counsel sought to explain the same by stating that it was not referred to in the petition as speed money expenses incurred for getting clearances are not expenses which are allowable in view of Explanation I to Section 37 of the Act. However no such explanation is offered in the petition. One would have therefore proceeded on the basis that no speed money expenses were estimated while working out the estimated expenditure out of 'on money' received. 10. In the submission dated 11th July, 2015 filed before the Commission the applicant refers to page 13 of the Statement of facts and in particular makes references to speed money for getting clearance as one of the unaccounted expenditure incurred for business pur....