https://www.taxtmi.com/caselaws?id=338206 The court dismissed the petition challenging the rejection of a settlement application under Section 245(D)(4) of the Income Tax Act, 1961, due to inadequate disclosure of income and the manner of earning income as required by Section 245C(1). The petitioner's failure to disclose the manner of earning income for specific assessment years was crucial, and the court emphasized the importance of full and true disclosure for settlement applications. The court found discrepancies in the petitioner's submissions regarding expenses and concluded that the petitioner did not act in utmost good faith, leading to the dismissal of the petition. The Assessing Officer was directed to proceed with the assessment of the petitioner according to the law. en-us Fri, 20 Jan 2017 00:00:00 +0530 Wed, 30 Aug 2017 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338206 The court dismissed the petition challenging the rejection of a settlement application under Section 245(D)(4) of the Income Tax Act, 1961, due to inadequate disclosure of income and the manner of earning income as required by Section 245C(1). The petitioner's failure to disclose the manner of earning income for specific assessment years was crucial, and the court emphasized the importance of full and true disclosure for settlement applications. The court found discrepancies in the petitioner's submissions regarding expenses and concluded that the petitioner did not act in utmost good faith, leading to the dismissal of the petition. The Assessing Officer was directed to proceed with the assessment of the petitioner according to the law. Case-Laws Income Tax Fri, 20 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338206