Chief Justice Manindra Mohan Shrivastava and Justice G. Arul Murugan set aside the settlement commission’s June 2020 rejection order and directed it to reconsider the request afresh since otherwise the jewellery firm would have to pay penalty, interest and face prosecution too.

[05/03, 07:17] sekarreporter1: “NEWS
INDIA
TAMIL NADU
Khazana Jewellery’s 268kg gold stock case: Madras High Court directs income tax settlement commission to reconsider settlement plea
Chief Justice Manindra Mohan Shrivastava and Justice G. Arul Murugan hold that the commission had rejected the plea in 2020 without proper consideration
Published – March 04, 2026 11:07 pm IST – CHENNAI

MOHAMED IMRANULLAH S.

A file image of a Khazana Jewellery showroom. | Photo Credit: The Hindu

The Madras High Court has directed the Income Tax Settlement Commission to reconsider Khazana Jewellery’s settlement application with respect to 268 kg of gold stock held by its employees, goldsmiths and agents but had not been disclosed voluntarily for the purpose of paying income tax in 2016.

First Division Bench of Chief Justice Manindra Mohan Shrivastava and Justice G. Arul Murugan set aside the settlement commission’s June 2020 rejection order and directed it to reconsider the request afresh since otherwise the jewellery firm would have to pay penalty, interest and face prosecution too.

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https://www.thehindu.com/news/national/tamil-nadu/khazana-jewellerys-268kg-gold-stock-case-madras-high-court-directs-income-tax-settlement-commission-to-reconsider-settlement-plea/article70703805.ece#:~:text=NEWS,face%20prosecution%20too.
[05/03, 07:17] Meta AI: The Madras High Court (Chief Justice Manindra Mohan Shrivastava & Justice G. Arul Murugan) set aside the Income Tax Settlement Commission’s 2020 rejection of Khazana Jewellery’s plea and ordered it to reconsider the firm’s settlement application on 268 kg of undisclosed gold stock found in 2016. If the settlement isn’t reconsidered, the company would face hefty penalties, interest and possible prosecution.