https://www.taxtmi.com/caselaws?id=450088 An application for settlement may be rejected where the applicant fails to make a full and true disclosure of income and the manner of its derivation, including a credible basis for apportioning undisclosed income. The Court upheld rejection because the applicant could not satisfactorily explain the discrepancy between unaccounted sales and the income computed by the Department, and failed to show a convincing basis for splitting sales, expenditure, and income between himself and the company. The finding that he had not approached the settlement forum with clean hands was therefore sustained. en-us Fri, 09 Feb 2024 00:00:00 +0530 Tue, 27 Feb 2024 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450088 An application for settlement may be rejected where the applicant fails to make a full and true disclosure of income and the manner of its derivation, including a credible basis for apportioning undisclosed income. The Court upheld rejection because the applicant could not satisfactorily explain the discrepancy between unaccounted sales and the income computed by the Department, and failed to show a convincing basis for splitting sales, expenditure, and income between himself and the company. The finding that he had not approached the settlement forum with clean hands was therefore sustained. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450088