COLLECTOR OF INCOME TAX Vs. HINDUSTAN BULK CARRIERS
SUPREME COURT OF INDIA
COMMISSIONER OF INCOME TAX,COMMISSIONER OF INCOME TAX, MUMBAI
HINDUSTAN BULK CARRIERS,DAMAN BROTHERS
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(1.)I have gone through the judgments rendered by Brother Pasayat, J. and Brother Dharmadhikari, J. I agree with the views expressed in those judgments. However, for clarifying the position with regard to payment of interest I would like to add as under :
As provided under section 245B of the Income Tax Act, 1961, (hereinafter referred to as the Act) the Central Government has constituted the Income Tax Settlement Commission for the settlement of cases. The word "case" has been defined under section 245A(b) of the Act to mean any proceeding under the Income Tax Act for the assessment or reassessment of any person in respect of any year or years and includes appeal or revision in connection with such assessment or reassessment, which may be pending before an income-tax authority on the date on which an application under sub-section (1) of section 245C is made. Section 245C(1) provides for an application by an assessee in a prescribed form containing a full and true disclosure of his income which has not been disclosed before the assessing officer and such other prescribed particulars for settlement of his case by the Settlement Commission.
(2.)Other requirements are that no such application could be made unless
(a) the assessee has furnished the return of income which he is or was required to furnish under any of the provisions of this Act; and
(b) the additional amount of income-tax payable on the income disclosed in the application exceeds (at present) one hundred thousand rupees.
(3.)The other relevant requirement which has a bearing on the question involved in these appeals is sub-section (1A) of section 245C, which provides that the additional amount of income-tax payable in respect of the income disclosed in an application should be the amount calculated in accordance with the provisions of sub-sections (1B) to (1D).
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