High Court Criticizes Settlement Commission for Ignoring Legal Presumptions u/ss 132(4A), 56(2)(vii), and 292(C) Income Tax Act.

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....Validity of Settlement Commission order - by virtue of Section 132 (4A), Section 56 (2) (vii) and Section 292 (C), the presumption in law arose as a consequence of the action/inaction of the third party in not claiming the cash seized at the petitioner’s hands as may be treated as her income. Without drawing any final conclusion to that, we find that the said aspect has not been examined and has been completely overlooked by the Settlement Commission. - The approach taken by the Settlement Commission cannot be endorsed or appreciated. It is expected from the Settlement Commission to form clear opinion on facts, even at the stage of admission. - HC....