- (1.) The petitioner-Company has filed the instant writ petition challenging the order dated 03.01.2018 passed by the Income Tax Settlement Commission, Principal Bench, New Delhi wherein the application filed by the petitioner-Company under Section 245C(1) of the Income Tax Act, 1961 (hereinafter shall be referred to as "the Act, 1961") has been held "invalid" as it has not fulfilled the conditions prescribed under Section 245C(1) of the Act, 1961.
(2.) The petitioner-Company has prayed for a writ of mandamus to direct the respondents-Income Tax Authorities to entertain the settlement application of the petitioner-Company and further to proceed in accordance with law. The prayer has also been made to quash and set aside the proceedings initiated in pursuance of the impugned order dated 03.01.2018 rejecting the application of the petitioner-Company.
(3.) Brief facts pleaded in the writ petition, are that the petitioner is a company incorporated under the provisions of the Companies Act, 1956 having its registered office at A/34, Landmark City, Bundi Road, Kunhadi, Kota (Rajasthan). The Income Tax authorities carried search and seizure under Section 132 of the Act, 1961 at the premise of the petitioner-Company and its Directors namely Ram Jashandas Bhatia, Deepak Rajwanshi and Arun Mehta and other related Concerns on 03.03.2016.;