Income Tax Settlement Annulled Due to Incomplete Disclosure; ITSC Exceeded Jurisdiction, Annulled Claims and Immunity.

Settlement applications u/s 245C (1) - “full and true disclosure” - The High court observed that the respondent did not fully disclose the additional income initially, which surfaced only after the Revenue's intervention. The judgment emphasized that the ITSC should not have proceeded with the settlement application without a complete and accurate disclosure. It was held that by doing so, the ITSC exceeded its jurisdiction, leading to the annulment of the settled claims and the immunity provided. .....

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