https://www.taxtmi.com/caselaws?id=751320 Delhi HC held that Income Tax Settlement Commission (ITSC) lacked jurisdiction to proceed with settlement application under Section 245C of Income Tax Act, 1961, where assessee failed to make full and true disclosure. ITSC had accepted Revenue's contention that unaccounted money was introduced as bogus share capital through share repurchase transactions at unreasonably low prices. Court ruled that full and true disclosure is mandatory prerequisite for ITSC jurisdiction, and revision/amendment of applications is impermissible as it would undermine disclosure requirement. ITSC erred in granting immunity from penalty and prosecution under Section 245H despite incomplete disclosure. Writ petition allowed. en-us Wed, 10 Apr 2024 00:00:00 +0530 Thu, 30 Apr 2026 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751320 Delhi HC held that Income Tax Settlement Commission (ITSC) lacked jurisdiction to proceed with settlement application under Section 245C of Income Tax Act, 1961, where assessee failed to make full and true disclosure. ITSC had accepted Revenue's contention that unaccounted money was introduced as bogus share capital through share repurchase transactions at unreasonably low prices. Court ruled that full and true disclosure is mandatory prerequisite for ITSC jurisdiction, and revision/amendment of applications is impermissible as it would undermine disclosure requirement. ITSC erred in granting immunity from penalty and prosecution under Section 245H despite incomplete disclosure. Writ petition allowed. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751320