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of <h1>Settlement Commission Applicants Must Make Full Disclosure Under Income Tax Act; Inadequate Initial Disclosures May Void Immunity From Penalties</h1> The circular addresses concerns about Settlement Commission cases under Income Tax Act. It highlights issues where taxpayers make inadequate initial disclosures, later revise amounts significantly, and still receive immunity from penalties. The Board emphasizes that 'full and true disclosure' is a cardinal requirement for approaching the Commission, citing court judgments that disallow revision of initially disclosed income. The circular instructs tax officials to take prompt action in Settlement Commission cases, ensure proper submissions in hearings, examine Commission orders carefully, and pursue remedial measures including filing writ petitions when necessary.
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