2022 (2) TMI 234

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....ri Justice Sanjay S. Agrawal For the Petitioners : Shri Kishore Bhaduri, learned Senior Advocate appears along with Shri Sudeep Johri, Advocate. For the Respondents 2 to 4 : Shri Apurv Goyal, Advocate For the Respondents 5 & 9 : Shri Amit Chaudhari, Advocate ORDER ON BOARD 1. Challenge to this petition is the order dated 02.02.2018 passed by the Income Tax Settlement Commission (IT & WT), Additional Bench Kolkata in the settlement application of the Respondents No. 3 & 4 in case No. CHH/Raipur-PCIT-1/2017-18/110/IT/2100-2107. 2. Learned counsel appearing for the Petitioners submits that the Respondents No. 3 & 4, who are Directors of Respondent No.2 - M/s. Akash Shadija Global Private Limited, have share capital of 5000 shares each in....

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....order dated 21.12.2017, allowed the said application under Section 245D(1) of the Act, 1961 and thereafter called for the report from the Principal Commissioner of Income Tax, Raipur in exercise of the powers enumerated under Section 245D(2B) of the Act, 1961. In pursuance thereof, the said authority has submitted the report vide letter dated 18.01.2018 and after perusal of the report, the learned Settlement Commission has passed the order impugned on 02.02.2018 (Annexure P/1) under Section 245D(2C) of the Act, 1961. It is to be noted at this juncture that the order impugned as passed under the said provision is preliminary in nature, as reflected from the said provision. Section 245D(2C) of the Act, 1961 is relevant for the purpose reads a....

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....e above reply of the applicants, we are of the opinion that prima facie the applicants have fulfilled all the conditions as laid down in Section 245C of the Act including full and true disclosure of income and the manner of earning such income and at this stage there is nothing adverse to hold the applications as invalid. As mentioned above, the CIT(DR) has also stated that the applications may be proceeded with further. The applications filed by the applicants for assessment year under reference are therefore, treated "not invalid" under Section 245D(2C) of the Act. This is without prejudice to the issues and findings that may arise in the proceedings u/s 245D(4). 8. The Secretary/AO shall pursue the matter for submission of report under....