2017 (8) TMI 666

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....der dated 4th November, 2016 passed by the Income Tax Settlement Commission, ('ITSC'), Additional Bench - II, New Delhi under Section 245D (1) of the Income Tax Act, 1961 ('Act') declining to proceed on the Petitioner's application under Section 245C (1) of the Act. 2. The brief facts are that the Petitioner is a step-down subsidiary company of the Norway based Telenor Group. Pursuant to a Business Transfer Agreement ('BTA') entered into with Telewings Communication Services Pvt. Ltd. [now known as Telenor (India) Communications Pvt. Ltd. ('Telenor India')] on 6th December, 2012, the business of the Petitioner [GSM as well as national and international long distance services ('ILD/NLD business')] was transferred to Telenor India as a goi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt application before the ITSC under Section 245C (1) of the Act for AYs 2012-13 to 2016-17. On 31st October, 2016, notice was issued by the ITSC on said application. 7. It is stated that, thereafter, the impugned order was passed by the ITSC, holding that the Petitioner had failed to fulfil the requirement of Section 245C relating to making a full and true disclosure of its income "which has not been disclosed" before the AO. 8. This Court has heard the submissions of Mr. Balbir Singh, learned Senior Counsel for the Petitioner, and Mr. Rahul Kaushik, learned Senior Standing Counsel for the Revenue. 9. A perusal of the impugned order of the ITSC reveals that in the Statement of Facts (SoF) filed before the ITSC, the Petitioner had ....