https://www.taxtmi.com/caselaws?id=270204 The court dismissed the petitions challenging the order passed by the Income Tax Settlement Commission. The Settlement Commission's decision to declare the application as not valid was upheld, with the issue of full and true disclosure of income left open for further examination. The court found that the Settlement Commission's actions were in accordance with legal principles, emphasizing the respondent's payment of the entire tax on the undisclosed income as a factor demonstrating no prejudice to the Department. The court vacated the interim order previously granted, concluding that the Settlement Commission's procedure did not set a wrong precedent. en-us Wed, 16 Dec 2015 00:00:00 +0530 Thu, 31 Dec 2015 12:35:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270204 The court dismissed the petitions challenging the order passed by the Income Tax Settlement Commission. The Settlement Commission's decision to declare the application as not valid was upheld, with the issue of full and true disclosure of income left open for further examination. The court found that the Settlement Commission's actions were in accordance with legal principles, emphasizing the respondent's payment of the entire tax on the undisclosed income as a factor demonstrating no prejudice to the Department. The court vacated the interim order previously granted, concluding that the Settlement Commission's procedure did not set a wrong precedent. Case-Laws Income Tax Wed, 16 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270204