https://www.taxtmi.com/caselaws?id=366493 The court upheld the Settlement Commission's decision to declare the petitioner's application invalid under Section 245D(2C) of the Income Tax Act, 1961, due to inadequate disclosure of income. It found that the petitioner had been given sufficient opportunity to explain discrepancies but failed to do so satisfactorily. Emphasizing the requirement of "true and full disclosure," the court clarified that subsequent application bar under Section 245K(2) applies only to the same assessment year. The writ petition was dismissed, affirming the Commission's order and stressing the importance of accurate disclosure in settlement applications. en-us Fri, 24 Aug 2018 00:00:00 +0530 Thu, 15 Nov 2018 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366493 The court upheld the Settlement Commission's decision to declare the petitioner's application invalid under Section 245D(2C) of the Income Tax Act, 1961, due to inadequate disclosure of income. It found that the petitioner had been given sufficient opportunity to explain discrepancies but failed to do so satisfactorily. Emphasizing the requirement of "true and full disclosure," the court clarified that subsequent application bar under Section 245K(2) applies only to the same assessment year. The writ petition was dismissed, affirming the Commission's order and stressing the importance of accurate disclosure in settlement applications. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366493