Law: Income Tax Act, 1961

Section: 245D(1)

JUDGMENT Dr. S. Radhakrishnan, J. - Heard. Rule. Rule is made returnable forthwith. By consent of parties, petition is taken up for final hearing. The petitioner is a Company engaged in the business of banking and related financial activities including leasing. The petitioner was earlier known as Centurion Bank Limited. The petitioner is also the successor-in-interest of two companies named 20th Century Capital Corporation Limited and 20th Century Finance Corporation Limited who have merged with the petitioner. As of date the petitioner which was formerly known as Centurion Bank Limited is today known as Centurion Bank of Punjab Limited. 2. By this petition, the petitioner is challenging the order dated 27-12-2005 passed by the Income-tax Settlement Commission under section 245D(1) of the Income-tax Act, 1961 ('the said Act') whereby the Settlement Commission has taken a view that the settlement applications filed by the petitioner in respect of its own assessments and the assessments of the two merging companies are not fit for admission on the ground that the case does not involve complexity and that there was no full and true disclosure by the petitioner. 3. We have perused the impugned order dated 27th December, 2005 passed by the Settlement Commission. The learned senior counsel appearing for the petitioner brought to our notice the provisions of section 245D(1) of the Act, which read as under:- "(1) Procedure on receipt of an application under section 245C - On receipt of an application under section 245C, the Settlement Commission shall call for a report from the Commissioner and on the basis of the materials contained in such report and having regard to the nature and circum-stances of the case or the complexity of the investigation involved therein, the Settlement Commission, shall, where it is possible, by order, reject the application or allow the application to be proceeded with within a period of one year from the end of the month in which such application was made under section 245C: Provided that an application shall not be rejected under this sub-section unless an opportunity has been given to the applicant of being heard: Provided further that…

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