2017 (3) TMI 903

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....der Section 245C for settlement in respect of the Assessment Years 2011-12 to 2014-15. 3. The impugned order settled the petitioner's application to the extent it related to the Assessment Year 2014-15 at Rs. 32.72 lakhs as offered by the petitioner. However, the impugned order rejects the petitioner's application for settlement to the extent it related to Assessment Year 2011-12 to 2013-14 on the ground that the petitioner had not declared additional income for those assessment years in its settlement application. The above basis of the impugned order of the three member bench of Commission was contrary to the decision of a five member Special Bench of the Commission in Airtech Pvt. Ltd. 209 ITR 21. This different view was on th....

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....ing question for the consideration by seven member Special Bench of the Commission : " Whether in an application for settlement u/s 245C(1) covering more than one assessment year, the applicant must mandatorily disclose additional income not disclosed before the Assessing Officer, for each assessment year covered by the application and on such additional income there must be a liability to pay income tax for each such year especially in view of amendments brought about in proviso to section 245C(1), read with section 245A(b) by Finance Acts, 2007 and 2010, thereby rendering decision of Special Bench in Airtech Pvt. Ltd. 209 ITR ITR 21, no longer good law ?" 5. By an order dated 2nd December, 2016, the seven member bench of the T....

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....ing Officer is restrained from issuing notices and initiating proceedings under the normal provisions of the Act for Assessment Years 2011-12 to 2014-15. 7. However, the above interim relief is granted as Mr. Jain, learned Counsel appearing for the petitioner, on instructions, states that in case the petitioner's contention that the entire application being one has to be either accepted in toto or rejected in toto is accepted, then, in that event the petitioner would not object to the initiation and completion of assessment proceedings including penal proceedings, if any, for the Assessment Years 2011-12 to 2014-15. The petitioner undertakes to cooperate with the Revenue in proper disposal of the Assessment for all the above assessme....