https://www.taxtmi.com/caselaws?id=411648 An application for settlement under the income-tax settlement scheme is maintainable only on full and true disclosure of income, its source, and the manner in which it was derived. Here, the applicants omitted material details on foreign bank accounts, sources of credits, and the trail of funds, and did not fully cooperate during the proceedings. Those omissions were held to go to the root of maintainability, so the Settlement Commission was justified in rejecting the applications. The writ petitions failed, and the Revenue was left free to proceed in accordance with law. en-us Tue, 03 Aug 2021 00:00:00 +0530 Tue, 16 Nov 2021 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411648 An application for settlement under the income-tax settlement scheme is maintainable only on full and true disclosure of income, its source, and the manner in which it was derived. Here, the applicants omitted material details on foreign bank accounts, sources of credits, and the trail of funds, and did not fully cooperate during the proceedings. Those omissions were held to go to the root of maintainability, so the Settlement Commission was justified in rejecting the applications. The writ petitions failed, and the Revenue was left free to proceed in accordance with law. Case-Laws Income Tax Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411648