https://www.taxtmi.com/caselaws?id=437152 In settlement proceedings under Chapter XIX-A, an application cannot be rejected for alleged failure of full and true disclosure on a ground inconsistent with the governing regulatory regime. The Kerala High Court held that, for a non-banking financial company, income recognition for interest on non-performing assets must be tested against the applicable RBI framework, and the rejection on that basis was unsustainable. It also found that an isolated issue concerning excess realisation of gold did not, by itself, prove suppression or defeat full and true disclosure. The rejection order was therefore quashed and the settlement application revived for fresh consideration by the Interim Board. en-us Mon, 03 Apr 2023 00:00:00 +0530 Mon, 25 Sep 2023 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437152 In settlement proceedings under Chapter XIX-A, an application cannot be rejected for alleged failure of full and true disclosure on a ground inconsistent with the governing regulatory regime. The Kerala High Court held that, for a non-banking financial company, income recognition for interest on non-performing assets must be tested against the applicable RBI framework, and the rejection on that basis was unsustainable. It also found that an isolated issue concerning excess realisation of gold did not, by itself, prove suppression or defeat full and true disclosure. The rejection order was therefore quashed and the settlement application revived for fresh consideration by the Interim Board. Case-Laws Income Tax Mon, 03 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437152