2023 (2) TMI 317

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....he provisions of the Income Tax Act, 1961 (in short 'Act') relating to the assessments for the years 2011-12 to 2017-18. 2. The assessments had been framed consequent upon a search under Section 132 of the Act conducted on 13.07.2016 at the registered office of the petitioner trust and in the residential premises of the managing and other trustees. The application had come up for admission before the Settlement Commission on 15.02.2019 and after hearing the petitioner, the application was admitted to be proceeded further under Section 245D (1) of the Act. 3. Additionally, the petitioner was required to make a full remittance of the taxes due on the additional income offered, in compliance of the statutory pre-condition for mai....

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....9F 1,25,02,095 8. Arivazhagan Subramanian M/s.Lakshmiammal Educational Trust - AABTS1129F 1,00,00,000 9. Kumar M/s.Lakshmiammal Educational Trust - 27,50,000 10. Raghunathan M/s.Lakshmiammal Educational Trust - AABTS1129F 90,50,000 6. The above letter, in my view, gives a picture to the addressee, the petitioner herein, that the amounts lying to its credit amounted to a sum of Rs.11,15,98,860/- as is clear from the heading of the third column which states 'name of the assessee in whose name cash seized deposited'. 7. The petitioner had remitted a sum of Rs.11,40,63,961/- and had sought adjustment of a sum of Rs.9,23,01,365/- from out of the cash seized amounting to a sum of Rs.11,15,98,86....