TaxTMI 
TaxTMI 
1985 (5) TMI 8
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....ed petitions which are similar have been heard after the issue of a show-cause notice. The first prayer in the petition is to direct the Settlement Commission to proceed expeditiously with the application moved by the petitioners under section 245C of the Income-tax Act, 1961. The second prayer seeks direction to the Income-tax Officer, Central Circle III, Madras, not to proceed with the case. The....
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....soon whether to proceed with the application or reject the same. It is the second prayer which has led to most of the contentions before us. The question is whether the income-tax authorities can proceed with the assessment proceedings while the Settlement Commission is contemplating whether to proceed with the application or reject the same. We have examined the provisions of the Act and do not ....
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....e period calculated from the date of submission of the application to the date when the rejection of the same is received by the Commissioner is to be excluded from the period of limitation. On the basis of this provision, it is urged that the assessment proceedings should be stayed by us. In answer to this, learned counsel for the respondents has urged that there are a number of circumstances sh....
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.... is unnecessary to amplify our reasons by a full analysis of the various sections of the Act dealing with settlement. However, we are of the view that in case the Settlement Commission does proceed with the application, then the Settlement Commission will have full power to pass any order it deems fit regarding the settlement. The assessment order or orders if passed will be no impediment to the S....