JUDGMENT :

MD. NIZAMUDDIN, J.

1. Heard Learned Counsel appearing for the parties.

2. In this Writ Petition petitioner/Principle Commissioner of Income Tax, Central-2, Kolkata has challenged the impugned order dated 29th July, 2016 passed by the Income Tax Settlement Commission/respondent no. 1, making prayer for revocation of the aforesaid impugned order.

3. On perusal of the Writ Petition, affidavit-in-opposition and reply thereto, relevant facts involve in short emerged in this case are as follows.

4. M/s UTC Marketing Pvt. Ltd./respondent no. 2 filed a settlement application relating to Assessment Year 2012-13 before the Income Tax Settlement Commission/respondent no. 1 on 8th April, 2015 for settlement of its Income Tax matters by disclosing an income of Rs. 3,93,93,544/-. The aforesaid application of the respondent no. 2 was proceeded with under Section 245 D (1) of the Income Tax Act, 1961 by an order dated 21st April, 2015. After receipt of the Report under Section 245 D (2B) of the Act, from the Commissioner of Income Tax concerned, hearing under Section 245 D (2C) of the Act was fixed on 3rd June, 2015 and the aforesaid Settlement application was held to be “not invalid.” There