Law:

Section:

Section 245D of the Income-tax Act, 1961 - Settlement Commission - Procedure on application under section 245C - Assessment years 2000-01 to 2007-08 - Whether Settlement Commission can treat an application for settlement as invalid meaning thereby non est, if applicant has not made a true and full disclosure - Held, yes - Whether once decision is taken by Settlement Commission, which acts in a quasi judicial capacity, it is for applicants to point out that there has been either a failure to exercise jurisdiction or that exercise of jurisdiction is based on an assumption not warranted or that order suffers from an error of law apparent on face of record when it holds application to be invalid and it is only in those cases, that High Court will exercise its extraordinary jurisdiction subject of course to discretion it has - Held, yes - During search conducted at residential premises of petitioners, husband and wife, certain document pertaining to evasion of foreign exchange were found - Petitioners filed income-tax returns disclosing income from horse racing - Subsequently, they filed applications for settlement before Settlement Commission - Settlement Commission constituted Special Bench which rejected applications holding that same did not contain full and true disclosure of income/wealth of petitioners - Petitioners challenged rejection of their applications mainly on grounds that there was failure of principles of natural justice and no sufficient opportunity was given to them as documents relied upon by revenue were made available to them only at time of hearing; that reasons for constitution of Special Bench were not given; and that rejection was without jurisdiction - Whether since all documents and statements relied upon were made available to petitioners and they had dealt with said documents, it could be said that there was a failure of principles of natural justice and fair play - Held, no - Whether discretion to constitute a Bench, if there be a case which requires to be decided by Special Bench, is that of Chairman of Commission; since petitioners had themselves set out nature and circumstances of case and complexities of investigations which were…

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