https://www.taxtmi.com/caselaws?id=78540 Settlement applications under the income-tax settlement procedure were found deficient because the assessees did not make full and true disclosure at the threshold and the revised confidential annexure was not properly supplied to the Revenue. The final settlement order was also criticised for omitting material undisclosed income, including unexplained expenses, loans and surplus amounts, and for imposing a token penalty without adequate justification. On that basis, the settlement orders were quashed and the matters remitted for fresh consideration with due opportunity to the Revenue. en-us Wed, 08 Jul 2009 00:00:00 +0530 Thu, 08 May 2025 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78540 Settlement applications under the income-tax settlement procedure were found deficient because the assessees did not make full and true disclosure at the threshold and the revised confidential annexure was not properly supplied to the Revenue. The final settlement order was also criticised for omitting material undisclosed income, including unexplained expenses, loans and surplus amounts, and for imposing a token penalty without adequate justification. On that basis, the settlement orders were quashed and the matters remitted for fresh consideration with due opportunity to the Revenue. Case-Laws Income Tax Wed, 08 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78540