- (1.) IN these three appeals, the common question arises as such being decided by the common judgment. The question posed for consideration is, whether the appellants are entitled to invoke the provisions contained in section 245A(b) of the Income Tax Act, 1961, hereinafter referred to as the Act to approach Income-tax Settlement Commission by taking benefit of the period of limitation prescribed for the purpose of proceedings under section 147 of the said Act, that is to say, period of six years limitation available in case of income escaping assessment under section 149 of the Act for initiating the proceedings.
(2.) THE appellants Outotec Group of companies filed settlement applications dated 29th June, 2010 under section 245C(1) of the Act before the Income- tax Settlement Commission in respect of assessment years 2004-2005 to 2009-2010. The said Commission vide Order dated 2nd July 2010 allowed the applications to be proceeded with and forwarded the applications to the Director of Income Tax (International Taxation) and called for report under section 245D(2B) of the Act. The objections filed by the Revenue to the said applications having been rejected by the Orders dated 2-7-2010, 11-8-2010 and 21-1-2011, Revenue came up before the single Judge by way of filing writ applications. The single Judge interpreting the provisions contained in section 245A of the Act, has held that the benefit of the period of limitation prescribed for initiating proceedings and for issuing notices under section 148 of the Act cannot be granted to the appellants/petitioners interpreting the provisions contained in section 245A of the Act.
(3.) HOWEVER , the other part of the order/finding as to whether the Returns were filed or not, a case would be deemed to be pending but only for 21 months from the end of the assessing year in question, has not been questioned by either of the parties and, as such, as prayed we are not examining the correctness of the aforesaid finding of the learned single Judge.;