Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
Full and true disclosure under Section 245C(1) must extend to the entire settlement application, including the manner in which undisclosed income was derived and supporting particulars. A voluntary disclosure does not remove this statutory requirement; failure to substantiate a disputed income component can invalidate the settlement application as a whole, rather than permit piecemeal consideration. The notes further state that the Settlement Commission must examine the application as filed and cannot recharacterise income disclosed as business income under Section 69B or apply Section 115BBE. Any alternative assessment and consequential tax treatment must arise in regular assessment proceedings before the Assessing Officer.
Full and true disclosure under Section 245C(1) must extend to the entire settlement application, including the manner in which undisclosed income was derived and supporting particulars. A voluntary disclosure does not remove this statutory requirement; failure to substantiate a disputed income component can invalidate the settlement application as a whole, rather than permit piecemeal consideration. The notes further state that the Settlement Commission must examine the application as filed and cannot recharacterise income disclosed as business income under Section 69B or apply Section 115BBE. Any alternative assessment and consequential tax treatment must arise in regular assessment proceedings before the Assessing Officer.
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