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SetCom is authorised to reject application even at the stage of passing final order: HC

August 20, 2019[2019] 109 257 (Delhi)/[2019] 266 Taxman 249 (Delhi)

INCOME TAX : Where assessee failed to make full and true disclosure with regard to undisclosed income by way of bogus share capital and share premium and also manner of earning such income, Settlement Commission was justified in rejecting settlement application on such ground even at stage of passing of final order under 245D(4)

INCOME TAX : Where search under section 132 was conducted upon assessee on 24-5-2012 and a notice was issued under section 143(3) read with section 153A on 6-4-2017, since assessee had filed an application before Settlement Commission under section 245C where proceedings were pending from 26-2-2015 till 4-8-2016, said period was to be excluded while calculating limitation period for issuing notice under section 143(3) read with section 153A and after excluding above period, impugned notice issued under said section was not time barred
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