TaxTMI 
TaxTMI 
2007 (2) TMI 178
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....tioner was earlier known as Centurion Bank Limited. The petitioner is also the successor-in-interest of two companies named 20th Century Capital Corporation Limited and 20th Century Finance Corporation Limited who have merged with the petitioner. As of date the petitioner which was formerly known as Centurion Bank Limited is today known as Centurion Bank of Punjab Limited. 2. By this petition, the petitioner is challenging the order dated December 27, 2005, passed by the Income-tax Settlement Commission under section 245D(1) of the Income-tax Act, 1961 (hereinafter referred as " the said Act" ) whereby the Settlement Commission has taken a view that the settlement applications filed by the petitioner in respect of its own assessments and....
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....Settlement Commission may make the order without such report." 4. Mr. Dastur, learned senior counsel has pointed out that the Settlement Commission can entertain the application on the basis of the material contained in the report of the Commissioner, and having regard to the nature and circumstances of the case or the complexity of investigation involved therein. Therefore, it is the submission of Mr. Dastur, learned senior counsel for the petitioner that the Settlement Commission in a given case, even if there were no complexity of investigation, still on the basis of the material contained in the report of the Commissioner, or having regard to the nature and circumstances of the case, the Commission has jurisdiction to entertain the a....
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.... complexities of the issue, we are of the considered opinion that the assessee should be given one opportunity before the Revenue authorities to plead against the dis allowance of interest as well as the disallowance of depreciation. We, therefore, for the purpose set aside these issues in all those appeals, including the departmental appeals, to the file of the Assessing Officer with the direction to reframe the assessments in accordance with law after giving the assessee a fair and reasonable opportunity of being heard in the matter." (emphasis supplied). 6. It is also stated in the Commissioner' s report that the assessee had high- lighted the complexities regarding cross-examination of various evidences, statements of the supplie....
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....nk of Punjab Limited. Thereafter, Mr. Dastur, learned senior counsel for the petitioner has pointed out that the very same bank, viz., the Bank of Punjab, has now been merged with the petitioner and now known as Centurion Bank of Punjab Limited, the petitioner herein. Therefore, Mr.Dastur has contended that it is thus very clear, as is borne out by the records and also by the stand of the Revenue, that this case involves complexities of investigation, and as such, the Settlement Commission ought not to have dismissed the application of the petitioner. 10. As far as the second issue whether there was lack of " full and true disclosure", learned senior counsel Mr. Dastur has pointed out that the petitioners have disclosed relevant facts in....
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....primary facts." 11. Mr. Dastur has contended that in the instant case there is absolutely no failure on the part of the petitioner with regard to " full and true disclosure" and the Settlement Commission has erroneously observed that there is no " full and true disclosure" . In the aforesaid facts and circumstances of the case, learned senior counsel for the petitioner has submitted that the Settlement Commission ought to be directed to proceed with the above application of the petitioner at the stage of section 245D(4) of the Act. 12. Mr. Kotangale, the learned counsel appearing on behalf of the respondents (Revenue) also could not dispute the submissions of learned senior counsel Mr. Dastur for the petitioner, and in fact, the learn....
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....s examination of multiple parties who are spread out across the length and breadth of the country ; that the case involves nearly Rs. 420 crores in disputed additions and disallowances and that the documents are admittedly lost owing to fire, etc. It would clearly indicate that the complexities of investigation are involved in the case. Hence, the Settlement Commission had committed an error thereby coming to the conclusion that there are no complexities of investigation. 15. As far as " full and true disclosure" is concerned, as pointed out by the Supreme Court in the aforesaid judgment of Calcutta Discount Co. Ltd. v. ITO [1961] 41 ITR 191 merely remarking that there was no full and true disclosure by the petitioner would not be suffic....