https://www.taxtmi.com/caselaws?id=270345 The High Court of Gujarat dismissed the Income Tax Department's challenge to Settlement Commission orders, emphasizing the provisional nature of the Commission's decisions and the ongoing assessment process. The Court highlighted the importance of full and true disclosure of income at the initial stage under Section 245D(1) and clarified that orders under Section 245D(2C) are not final, subject to further examination before a conclusive decision under Section 245D(4) is made. The Court affirmed the Commission's discretion to review and finalize the application's validity, underscoring the non-binding nature of interim observations. en-us Tue, 08 Dec 2015 00:00:00 +0530 Thu, 17 Nov 2016 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270345 The High Court of Gujarat dismissed the Income Tax Department's challenge to Settlement Commission orders, emphasizing the provisional nature of the Commission's decisions and the ongoing assessment process. The Court highlighted the importance of full and true disclosure of income at the initial stage under Section 245D(1) and clarified that orders under Section 245D(2C) are not final, subject to further examination before a conclusive decision under Section 245D(4) is made. The Court affirmed the Commission's discretion to review and finalize the application's validity, underscoring the non-binding nature of interim observations. Case-Laws Income Tax Tue, 08 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270345