https://www.taxtmi.com/caselaws?id=327357 The High Court set aside an order by the Income Tax Settlement Commission granting immunity to a company from prosecution and penalty. The Court found that the Commission did not fulfill mandatory requirements under Section 245H(1) of the Income Tax Act, as it did not explicitly record satisfaction that the company made a full and true disclosure of its income. The Court emphasized the importance of meeting these conditions before granting immunity and remanded the matter for a fresh decision by the Commission. en-us Wed, 04 May 2016 00:00:00 +0530 Sat, 16 Jul 2016 11:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327357 The High Court set aside an order by the Income Tax Settlement Commission granting immunity to a company from prosecution and penalty. The Court found that the Commission did not fulfill mandatory requirements under Section 245H(1) of the Income Tax Act, as it did not explicitly record satisfaction that the company made a full and true disclosure of its income. The Court emphasized the importance of meeting these conditions before granting immunity and remanded the matter for a fresh decision by the Commission. Case-Laws Income Tax Wed, 04 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327357