ANSWER THIS QUS PLZ...ITS MAY 11 EXAM QUS

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This query is : Resolved

CA Lokesh Pokharna (Querist)

19 May 2011 SEIZURE WERE MADE FROM MR. SUNDER PURSUANT TO A SEARCH CONDUCTED IN HIS PREMISES..HE FILED AN APPLICATION FOR SETTLEMENT BY CLAMING TO HAVE RECIEVED THE AMOUNT BY WAY OF LOANS FROM SEVERAL PERSONS.THE SETTL. COMISSION ACCEPTED HIS STATEMENT AND MADE AN ORDER...THE CBI HOWEVER CONDUCTED AN ENQUIRY AT THE INSTANCE OF REVENUE REGARDING THE CLAIMED AMOUNT OF LOANS AND OPINED THAT THE ALLEGED LENDERS HAD NO MEANS OR FINANCIAL CAPACITY TO ADVANCE SUCH HUGE LOANS TO MR. SUNDER AND WERE NAME LENDERS ONLY ....THE COMISSIONER FILED AN APPLICATION U/S 245D(6) PRAYING FOR THE ORDER TO BE VOID AND FOR WITHDRAWAL OF BENEFIT GRANTED..MR SUNDER HOWEVER, CONTENDED THAT THE ORDER OF THE SETTL COMI. WAS FINAL AND ANY FRESH ANALYSIS WOULD AMOUNT TO SITTING IN JUDEGMENT OVER AN EARLIER DECISON ,FOR WHICH THE SETTLEMENT COMI.WAS NOT EMPOWERED ..DISCUSS THE CORRECTNESS OF MR. SUNDER CONTENTION???????

CA Ayush Agarwal

CA Ayush Agarwal (Expert)

19 May 2011 yes...a order of settlement commissioner order can be stand vacant/withdrawn since taken by fraud..and mis presentation of facts by assessee........

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