INCOME TAX REVIEW
|
Settlement Commission
|
-
Who can file a settlement application?
Any assessee, at any stage of a case relating
to him, can make an application to the Settlement Commission to
have the case settled by the Settlement Commission.
When can an application to Settlement
Commission be made?
An application u/s. 245C can be made to
Settlement Commission only if the following conditions are
fulfilled.
-
On the date of application the
applicant’s case, as defined in Sec. 245A(b), is pending
before an Income-tax authority.
-
The applicant has furnished return(s)
of income for the assessment year(s) in respect of which the
application is sought to be made.
-
The additional amount of Income-tax
payable on the income disclosed in the application exceeds Rs. 1,00,000/-.
-
If the applicant has made an
application in the past, his case is not covered by the
circumstances specified in sec. 245K.
-
The applicant has paid fee of Rs.
500/- for making the application.
Contents of the application
The application to the Settlement Commission
should be made in the prescribed form (Form No. 34B) and
containing –
-
a full and true disclosure of the
income which has not been disclosed before the Assessing
Officer;
-
the manner in which such income has
been derived;
-
the additional amount of income-tax
payable on such income; and
-
such other particulars as may be
prescribed.
Papers to be filed along with the
settlement petition in Form No. 34B
The application in the prescribed form (Form
No. 34B) to the Settlement Commission should be accompanied by
the following statements etc.
-
Statement(s) containing computation
of total income of the applicant for the assessment year or
year(s) to which the application relates.
-
Copies of manufacturing and/or
trading account, profit and loss account/income and
expenditure account/any other similar account and balance
sheet in respect of the relevant year(s).
-
In the case of proprietary business
or profession copies of personal account of proprietor in
respect of the relevant year(s).
-
In the case of a firm/AOP/BOI,
copies of the personal accounts of the partners/members in
respect of the relevant year(s).
-
In the case of a partner of a
firm/member of an AOP/BOI copies of the personal accounts of
such partner/member in the firm/AOP/BOI in respect of the
relevant year(s).
-
Proof of payment of Settlement
Application fee of Rs. 500/-.
Notes :
-
Seven copies of the
application along with the accompaniments as mentioned
above have to be filed in the office of Settlement
Commission.
-
The application in Form No. 34B,
the verification appended thereto, the Annexure and
statements and documents enclosed therewith must be signed
by the person authorised under section 140 to sign the
return of income.
Can a settlement application made u/s.
245C(1) be withdrawn?
An application for settlement of case cannot
be withdrawn by the applicant.
Payment of additional tax on income
disclosed on admission of case u/sec. 245(1)
The assessee must pay the additional tax on
the income disclosed in the application within 35 days of the
receipt of the order of Settlement Commission admitting the
application u/s. 245D(1). However, the assessee can apply to the
Settlement Commission for extension of time for payment of
additional tax and the Settlement Commission can extend the time
or allow the applicant to pay additional tax in instalments.
Simple interest at 15% per annum is payable on the amount
remaining unpaid from the date of expiry of the period of 35
days allowed for paying additional tax.
Settlement of the Case
After examination of the records, the reports
of the Commissioner, the evidence as may be placed before the
Settlement Commission, the Settlement Commission finally
disposes of the settlement petition by its order u/s. 245D(4).
Every order u/s. 245D(4) has to provide for the terms of
settlement including any demand by way of tax, penalty or
interest, the manner in which any sum due under the settlement
shall be paid and all other matters to make settlement
effective.
Power of Settlement Commission to
reopen completed proceedings.– s. 245E
If the Settlement Commission is of the
opinion that, for the proper disposal of the case pending before
it, it is necessary or expending to reopen any proceeding
connected with the case but which has been completed by any
income-tax authority before the application u/s. 245C was made,
it may with the concurrence of the assessee, reopen such
proceeding and pass such order thereon as it thinks fit.
Power of Settlement Commission to
grant
immunity from prosecution and penalty
The Settlement Commission may, if it is
satisfied that the applicant has co-operated with it in the
proceedings before it and has made a full and true disclosure of
his income and the manner in which such income has been derived,
grant to such person immunity from prosecution under any Central
Act or from imposition of penalty under the Income-tax Act [See.
245H (1)]. The Settlement Commission, however cannot grant
immunity in cases where proceedings for prosecution for an
offence have been instituted
before the filing of settlement petition u/s. 245C(1).
Is the order u/sec. 245D(4) final and
conclusive ?
-
Every order u/sec. 245(4) is
conclusive as to the matters stated therein. However, it is
possible to file a SLP under Article 136 before the Supreme
Court or a writ petition before the High Court against any
of the orders of the Settlement Commission.
-
The order u/s. 245D(4) becomes void
if it is subsequently found by the Settlement Commission
that it has been obtained by fraud or misrepresentation of
facts.
-
Any immunity granted u/s. 245H(1)
stands withdrawn if the applicant fails to pay any sum
specified in the order u/s. 245D(4) within the time
specified insuch order.
Form No. 34B
(See rules 44C and 44CA)
Form of application for settlement of cases
under
section 245C(1) of the Income-tax Act, 1961
In the settlement commission, Mumbai
....................................................................................................
+ Settlement application
No............................................20...................................20...............................
| 1. Full name and address of
the applicant |
: |
M/s.
ABC & co., xyz Street, Bombay 400 032. |
| |
|
|
| 2. Permanent Account Number
|
: |
AAHFM 1234 N |
| |
|
|
| 3. Status (See Note 4)
|
: |
Firm |
| |
|
|
| 4. The Commissioner having
jurisdiction |
: |
Commissioner
of Income-tax, over the applicant Mumbai City
1, Mumbai. |
| |
|
|
| 5. Assessment year(s) in
connection with which
the application for settlement is made |
: |
A. Ys. :
1998-99 to 2004-05 |
| |
|
|
| 6. Date of filing the return
of income for
assessment year(s) referred to in column 5 |
: |
See Annexure
B |
| |
|
|
| 7. Proceedings to which
application for settlement
relates, the date from which
the proceedings are pending and the income-tax authority
before whom the proceedings are pending (See
Note 6) |
: |
See Annexure
c |
| |
|
|
| 8. Where any appeal or
application for revision
has been preferred after the expiry of the period
specified for the filing of such appeal or
application for revision, as the case may be, whether such
appeal or revision has been admitted |
: |
Not
Applicable |
| |
|
|
| 9. Date of seizure, if any,
under section 132 of the |
: |
16-11-2003
Income-tax Act |
| |
|
|
| 10. Particulars of the
issues to be settled, nature and :
circumstances of the case and
complexities of the investigation involved
(See Note 7) |
: |
See Annexure
A |
| |
|
|
| 11. Full and true disclosure
of income which has
not been disclosed before the Assessing
Officer, the manner in which such income has been derived
and the additional amount of income tax payable on such
income (See Notes 9 & 10) |
: |
See Annexure
D |
Signed
(Applicant)
Verification
Shri Akbarally Colabawala Son of Badrudin do
hereby solemnly declare that to the best of my knowledge and
belief, what is stated above and in the Annexure (including the
statement(s) and documents accompanying such Annexure) is
correct and complete. I further declare that I am making this
application in my capacity as
.........................................................................................
designation)
and that I am competent to make this
application and to verify it.
Verified today the 15th day of December 2004.
Place Mumbai.
Signed
(Applicant)
Notes :
-
The application for settlement must be
in quintuplicate.
-
The application for settlement must be
accompanied by a fee of five hundred rupees. The fee should
be credited in a branch of the authorised bank or a branch
of the State Bank of India or a branch of the Reserve Bank
of India and the triplicate challan sent to the Settlement
Commission, with the application for settlement. The
Settlement Commission will not accept cheques, drafts,
hundies or other negotiable instruments.
-
The number and year of application
will be filled in the office of the Settlement Commission.
-
Please state whether individual, Hindu
undivided family, company, firm, an association of persons
etc.
-
If the space provided is found
insufficient separate enclosures may be used for the
purpose.
-
In case of assessment proceedings,
indicate the designation of the Assessing Officer before
whom the proceedings are pending indicating also the date of
service of notice under service of notice under section
139{2)/146 of the said Act or, as the case may be, the date
of filing of the return under section 139 of the said Act.
In case of appellate proceedings, indicate the appellate
authority, before whom the appeal is filed and the date to
filing got the appeal. In case of revision petition,
indicate the date of filing the revision petition and
whether the same is filed within time or not.
-
Full details of issues for which
application or settlement is made, the nature and
circumstances of the case and complexities of the
investigation involved must be indicated against item 10.
Where application relates to more than one assessment year,
these details should be furnished for each assessment Year.
-
The application for settlement to a
case shall not be allowed to be withdrawn by the applicant.
-
The additional amount to income-tax
payable on the income referred to in item 11 should be
calculated in the manner laid down in subsections (1A) to
(1D) of section 245C.
-
The details referred to in item 11
shall be given in the Annexure to this application.
ANNEXAURE - ‘A’
Name of the applicant. - - - - - - - - - - -
M/s. ABC & Co., Mumbai - 32.
-
Particulars of issues to be settled,
nature and circumstance of the case and the complexities of
investigation involved.
CONSTITUTION of the Applicant and nature of
its business:
-
-
The applicant is a partnership firm
consisting of two partners, namely, Shri Akbarally N.
Colabawala and Shri Jehangirally Colabawala, who are having
equal shares in the profits/losses of the firm.
Incidentally, Shri Jehangir ally is the son of Shri
Akbarally.
-
The applicant is engaged in the
business of developing and selling housing complexes
consisting of flats, shops, office premises etc. The
applicant buys development rights, develops properties and
sells flats, shops, office premises etc. Further, it helps
buyers of flats, shops, office premises etc. in forming
co-operative societies.
Action u/s. 132 of the I. T. Act
-
-
Assessments in the case of the
applicant up to assessment year 2002-03 have been completed
by the Assessing Officer (AO) in a normal way. In November,
2003, the Income-tax Department (Dept.) had taken action
u/s. 132 of the Income-tax Act, 1961 in the case of the
applicant as also in the case of its partners. Voluminous
records, cash, jewellery, silver articles and share
certificates have been seized u/s. 132 by the Authorised
Officers. The plea of the applicant, its partners, as also
the family members of the partners, that cash jewellery,
silver articles and share certificates found by the
Authorised Officers during the course of searches were not
unaccounted for and that the same were being wrongly seized
was rejected by the Authorised Officers. The AO has issued
notices under section 153A of the I.T. Act in the cases of
the applicant-firm and its partners calling upon them to
file returns of income in respect of assessment years
1998-99 to 2003-04. The applicant-firm and its partners have
filed returns in response to notices u/s. l53A declaring the
same income as had been declared by them in the returns
originally filed. A copy of each of the following is annexed
hereto to give it clearer idea of the facts of the cases of
the applicant-firm and its partners.
|
Sr.No. |
Brief description of the document
|
Exhibit Nos. |
Page Nos. |
|
1. |
Panchnamas of the searches carried out |
|
|
| |
|
(a) in the case of the applicant
|
Ex-I |
|
| |
|
(b) in the case of Shri Akbarally
(Partner) |
Ex-II |
|
| |
|
(c) in the case of Shri Jehangirally
(Partner) |
Ex-III |
|
|
2. |
Statements of the partners of the
applicant-firm recorded
during the course of searches
|
Ex-IV |
|
|
3. |
Communications received from the Officers of
the Intelligence Wing
after the conclusion of searches
|
Ex-V |
|
|
4.
|
Statements recorded u/s. 131 and information/explanations
given during the course of post-search enquiries.
|
Ex-VI |
|
|
5. |
|
(i) Acknowledgments for having filed
returns, |
|
|
| |
|
(ii) Statements of total income filed
with the returns, and |
|
|
| |
|
(iii) Statements of accounts filed with
the returns in respect
of assessment years 1998-99 to 2004-05 in the cases of — |
|
|
| |
|
(a) the applicant |
Ex-VII |
|
| |
|
(b) Shri Akbarally (partner) |
Ex-VIII |
|
| |
|
(c) Shri Jehangirally (partner)
|
Ex-IX |
|
|
6. |
Assessment orders u/s. 143(3) for A. Ys.
1998-99 to 2002-03
passed by the Assessing Officer in the cases of — |
|
|
| |
|
(a) the applicant |
Ex-X |
|
| |
|
(b) Shri Akbarally (partner) |
Ex-XI |
|
| |
|
(c) Shri Jehangirally (partner)
|
Ex-XII |
|
|
7. |
Notices u/s. 153A issued by the AO to |
|
|
| |
|
(a) the applicant |
Ex-XIII |
|
| |
|
(b) Shri Akbarally (partner) |
Ex-XIV |
|
| |
|
(c) Shri Jehangirally (partner)
|
Ex-XV |
|
|
8. |
Acknowledgments for having filed returns in
respect of A.Ys.
1998-99 to 2003-04 in response to notices u/s. 153A by |
|
|
| |
|
(a) the applicant |
Ex-XVI |
|
| |
|
(b) Shri Akbarally (partner) |
Ex-XVII |
|
| |
|
(c) Shri Jehangirally (partner)
|
Ex-XVIII |
|
-
-
From Exhibits I to IV, in particular,
it will be seen that the Department is considering not only
the amounts of "on money received in cash by the assessee on
sale of flats etc." as income of the applicant, but it is
also considering the utilisation of the cash as the
applicant’s income. It is apparent that the Department is
not considering the alleged cash receipts as available for
incurring the alleged expenses. Secondly, it is very
apparent that most of the amounts which are being treated as
income of the applicant are again being treated as the
income of Shri Akbarally (partner) and yet again as the
income of Shri Jehangirally (partner). The plea of the
applicant and its partners that it was only the applicant
which was engaged in the business of developing and selling
housing complexes and that the only source of the partners
was their share from the applicant-firm has just not been
taken into consideration by the Department. Even the plea of
the applicant that it is engaged in the business of
development of housing complexes and sale of flats, shops,
office premises etc. since 1981 and that the undisclosed
income as reflected in the seized records was the
undisclosed income of assessment years prior to A.Ys.
1998-99 too has not been appreciated and accepted and from
the statements recorded and the enquiries made till date it
would be seen that extremely high-pitched assessments would
be made without properly appreciating the submissions made
by the applicant and its partners. A number of statements
have been recorded behind the back of the applicant and its
partners and on the basis of such statements heavy additions
are likely to be made. The applicant and its partners have
not been given copies of the statements recorded. Seized
records have been misinterpreted and the applicant and its
partners were not given a fair and reasonable opportunity to
explain the entries in the documents, on the basis of which
very heavy additions are likely to be made.
-
The communications received from the
Department and the discussions which have taken place
between the partners of the applicant and their
representatives on the one hand and the Departmental
Authorities on the other are a clear proof of the fact that
the Department is still groping in the dark and that it
wants to make high-pitched assessments on the basis of
suspicion, conjectures and surmises. It does not want to
follow the principles of natural justice and of giving a
reasonable opportunity of being heard to the applicant and
its partners. The applicant has developed a feeling that the
Department does not want to be reasonable, fair and just and
that it is not prepared to take into consideration the
realities of the situation. Such being the situation, the
assessments and other Proceedings in the cases of the
applicant and its partners will not reach finality for years
to come. The partners of the applicant-firm and their family
members are extremely worried and anxious and they do not
know as to when and how the proceedings will be concluded by
the Department. All the assets of the applicant and its
partners are a subject-matter of attachment u/s. 281B.
Consequently, the business activity of the applicant has
come to a grinding halt. The creditors of the applicant have
threatened that they would file suits against the applicant
for recovery of the amounts due to them. Persons who have
booked flats etc. are also up in arms. The nature and
circumstances of the case and the complexities of
investigation involved therein are such that the case of the
applicant deserves to be admitted and finally settled by the
Settlement Commission.
-
It may also be noted that the
applicant in the Confidential Annexure is disclosing income
from a source about which the Department has absolutely no
inkling.
-
In view of the aforesaid, the
applicant most respectfully and humbly prays that its case
be admitted and finally settled at an early date.
ISSUE TO BE SETTLED
4. The issues for determination by the
Hon'ble Commission, briefly stated, are as under:—
-
Determination of the total income of
the applicant in respect of assessment years 1998-99 to
2004-05 after taking into consideration not only the seized
materials, but also all other relevant facts and
circumstances.
-
Whether the applicant and its
partners should be allowed to capitalise the additional
income which would be found assessable by the Hon‘ble
Commission?
-
Whether interest and penalties
chargeable under the provisions of the Income-tax Act in the
case of the applicant in respect of assessment years 1998-99
to 2004-05 should be waived?
-
Whether the applicant and its
partners should be given immunity from prosecution under the
Income-tax Act and under all other Central enactments?
-
Whether the applicant and its
partners should be given the facility of payment of taxes
etc. in easy instalments?
-
Consideration of the question of
granting such other reliefs to the applicant and its
partners as may be deemed fit and proper by the Hon’ble
Commission having regard to the facts and circumstances of
the applicant’s case.
|
Place : Mumbai
Date : 15th December, 2004
|
(Akbarally B. Colabawala)
Partner of the applicant - Firm
|
Annexure - ‘B’
Name of the applicant : M/s. ABC & Co.,
Mumbai - 32
Dates of filing the returns of income for
assessment years in connection with which the application for
settlement is made:
|
Assessment Year |
Date of filing the return |
| |
Original |
In
response to
notice u/s. 153-A |
| 1998-99 |
31-8-1998 |
12/12/04 |
| 1999-00 |
31-8-1999 |
- do - |
| 2000-01 |
31-10-2000 |
- do - |
| 2001-02 |
31-10-2001 |
- do - |
| 2002-03 |
31-7-2002 |
- do - |
| 2003-04 |
12/12/04 |
-- |
| 2004-05 |
12/12/04 |
-- |
|
Place : Mumbai
Date :
15th December, 2004
|
For M/s. ABC & Co.
(Akbarally Colabawala)
Partner
|
Annexure - ‘C’
Name of the applicant : M/s. ABC & Co.,
Mumbai - 32
Proceedings to which application for
settlement relates, the date from which the proceedings are
pending and the income-tax authority before whom the proceedings
are pending
| Assessment
Year |
Proceedings pending |
| |
Before |
From |
| 1998-99 |
ACIT, Circle
I (1),Mumbai |
12/12/04 |
| 1999-00 |
- do - |
- do - |
| 2000-01 |
- do - |
- do - |
| 2001-02 |
- do - |
- do - |
| 2002-03 |
- do - |
- do - |
| 2003-04 |
- do - |
- do - |
| 2004-05 |
- do - |
- do - |
|
Place : Mumbai
Date : 15-12-2004
|
Signed
(Applicant)
|
For M/s. ABC & Co
.
Mumbai (Akbarally Colabawala)
Date : 15-12-2004 Partner
Annexure - ‘D’ (Confidential Annexure)
Name of the applicant : M/s. ABC & Co.,
Mumbai - 32
S. A. No.
Statement containing particulars referred to
in item 11 of the application under section 245c(1) of the
Income-Tax Act, 1961
| 1 |
Amount of income which has not been
disclosed before the Assessing Officer. |
: |
Rs. 40 lakhs (For assessment year-wise
details — See Annexure ‘E’) |
| 2 |
Additional amount of income-tax payable
on the said income |
: |
Rs. 14.72 lakhs (For assessment year-wise
details — See Annexure ‘E’) |
| 3 |
Full and true statement of facts
regarding the issues to be settled, including
the terms of settlement sought for by the applicant |
: |
See Annexure ‘F’ |
| 4 |
The manner in which the income
income referred to in item No. 1 has been
derived. |
: |
See Annexure ‘F’ |
|
Place : Mumbai
Date : 15-12-2004
|
Signed
(Applicant)
|
Note : The Annexure should be accompanied by
—
-
statement(s) containing computation
of total income of the applicant for the assessment year or
years to which the application for settlement relates, in
accordance with the provisions of the Act;
-
copies of the manufacturing account
or trading account or both, as the case may be, profit and
loss account or income and expenditure account or any other
similar account, as the case may be, and balance sheet; and
-
in the case of —
-
a proprietary business or
profession, copies of the personal account of the
proprietor;
-
a firm or association of persons or
body of individuals, copies of the personal accounts of
the partners or member thereof, as the case may be; and
-
a partner of a firm or a member of
an association of persons or body of individuals, copies
of the personal account of such partner or member in the
firm or association of persons or body of individuals, as
the case may be.
Annexure - ‘E’ (Confidential Annexure )
Name of the applicant : M/s. ABC & Co.,
Mumbai-32
S. A. No.
Amount of income with has not been disclosed
before the assessing officer and the additional amount of income
tax payable on the said income
| 1 |
Assessment year |
1998-99 |
1999-2000 |
2000-01 |
2001-02 |
2002-03 |
2003-04 |
2004-05 |
| 2 |
Income disclosed before the
AO (Rs) |
2 lakhs |
3 lakhs |
2 lakhs |
3 lakhs |
3 lakhs |
17 lakhs |
20 lakhs |
| 3 |
Tax in respect of income in
Col. 2 (Rs.) |
0.70 lakh |
1.05 lakhs |
0.77 lakhs |
1.18 lakh |
1.07 lakhs |
6.25 lakhs |
7.17 lakhs |
| 4 |
Additional income offered for
taxation before the S.C. (Rs.) |
6 lakhs |
7 lakhs |
8 lakhs |
9 lakhs |
10 lakhs |
Nil |
Nil |
| 5 |
Total income assessable (2 +
2) (Rs.) |
8 lakhs |
10 lakhs |
10 lakhs |
12 lakhs |
13 lakhs |
17 lakhs |
20 lakhs |
| 6 |
Tax in respect of income in
Col. 5 (Rs.) |
2.80 lakhs |
3.50 lakhs |
3.85 lakhs |
4.70 lakhs |
4.64 lakhs |
6.25 lakhs |
7.17 lakhs |
| 7 |
Additional tax payable by the
applicant (6 minus 3) (Rs.) |
2.10 lakhs |
2.45 lakhs |
3.08 lakhs |
3.52 lakhs |
3.57 lakhs |
Nil |
Nil |
For M/s. ABC & Co.
Mumbai
Date : 15th December, 2004 |
(Akbarally Colabawala)
Partner
|
Annexure - ‘F’ (Confidential Annexure)
Name of the applicant : M/s. ABC & Co.,
Mumbai-32
Full and true statement of facts regarding
the issues to be settled including the terms of settlement
sought for by the applicant and the manner in which the
additional income offered for taxation before the Hon’ble
Settlement Commission has been derived.
-
The applicant is engaged in the
business of developing housing complexes consisting of
flats, shops, office premises etc. and sale of the same.
-
The applicant as a developer and
construction contractor had to incur substantial expenses in
cash for carrying on its business. For meeting such expenses
the applicant was constrained to obtain a part of the
consideration in cash, which in common parlance is known as
"on money". The amounts of "on money" received and the
expenses incurred therefrom have been recorded in the secret
records, which have been seized by the Department. It may
further be noted that the cash amounts remaining on hand
were lent on interest to various persons with the help of
Shri PQR, broker. The full particulars of amounts lent and
interest earned are available with Shri PQR. However, these
records, which were in the custody of Shri PQR, were not
seized by the Department.
-
On thorough scrutiny of the seized
records as also the records with the broker Shri PQR, the
applicant has prepared statements of accounts from 1-1-1981
to 31-3-2004, which show the year-wise incomes kept outside
the regular books, division of such incomes between the
partners, as also the utilisation of such incomes by the
applicant and its partners for making investments and
meeting household/personal expenses. Statements of accounts
referred to above are enclosed. The applicant has also
prepared statements of accounts in respect of assessment
years 1981-82 to 2004-05 which give a full. And true picture
of the affairs of the applicant and its partners. These
statements of accounts are also enclosed.
-
From the above and the enclosed
statements, it would be seen that the income not disclosed
before the Assessing Officer consists of income from the
business carried on by the applicant as a developer and
construction contractor and interest income. It may be
stated that the Department has absolutely no idea about the
interest income earned, which is being voluntarily disclosed
by the applicant before the Hon’ble Settlement Commission.
-
Revised computations of total income
in respect of assessment years 1998-99 to 2004-05 are
enclosed. The applicant is also enclosing (i) copies of the
statements of computations of total income as filed by the
applicant before the Department in respect of assessment
years 1998-99 to 2004-05, (ii) Statements of accounts for
the said years as filed before the Department and (iii)
assessment orders for assessment years 1998-99 to 2002-03.
-
Terms of settlement:
The applicant most humbly prays—
-
That the total income in respect of
assessment years 1998-99 to 2004-05 may be computed on the
basis of the enclosed recomputations of total income;
-
That the applicant and its partners
be allowed to capitalise the additional income as indicated
in the enclosed statements. Further, if the Hon’ble
Settlement Commission brings to tax any further additional
income, the applicant and its partners be permitted to
capitalise the same;
-
That interest and penalties
chargeable, if any, under the various provisions of the
Income-tax Act in respect of assessment years 1998-99 to
2004-05 may be waived;
-
That the applicant and its partners
be granted immunity from prosecution under the Income-tax
Act and under all other Central enactments; and
-
The applicant and its partners may be
granted such other reliefs as may be deemed fit and proper
by the Hon’ble Settlement Commission having regard to the
facts and nature and circumstances of the applicant’s case.
For M/s. ABC & Co.
Mumbai
Date : 15th December, 2004 |
(Akbarally Colabawala)
Partner
|
|
|
