https://www.taxtmi.com/caselaws?id=754762 The Madras HC upheld the Settlement Commission's rejection of settlement applications filed by legal heirs of a deceased assessee. The court found that appellants failed to make full and true disclosure of income, particularly regarding foreign bank accounts in Dubai, China, and UK, business activities of companies in UAE, and various undisclosed transactions. The Settlement Commission had identified multiple shortcomings including concealment of foreign assets, suppressed export receipts, and lack of cooperation in explaining transaction details. The HC held that without complete disclosure supported by documentary evidence, settlement remedy cannot be availed, and declined to interfere with the factual findings under Article 226. en-us Fri, 10 May 2024 00:00:00 +0530 Sat, 29 Jun 2024 09:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754762 The Madras HC upheld the Settlement Commission's rejection of settlement applications filed by legal heirs of a deceased assessee. The court found that appellants failed to make full and true disclosure of income, particularly regarding foreign bank accounts in Dubai, China, and UK, business activities of companies in UAE, and various undisclosed transactions. The Settlement Commission had identified multiple shortcomings including concealment of foreign assets, suppressed export receipts, and lack of cooperation in explaining transaction details. The HC held that without complete disclosure supported by documentary evidence, settlement remedy cannot be availed, and declined to interfere with the factual findings under Article 226. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754762