https://www.taxtmi.com/caselaws?id=786943 Whether a settlement application can be rejected for non compliance with the requirement of full and true disclosure was addressed: the authority declined settlement under the statutory disclosure provision after finding alleged nondisclosure of income linked to an inflated refinery loss, but it did not adequately examine the detailed confidential materials showing how the additional income was derived. Because rejection attracts interest, penalty and prosecution risk, the authority was required to closely scrutinise and verify the evidential material before concluding nondisclosure; the matter is remitted for fresh consideration of the disclosed materials and the impugned orders set aside. en-us Mon, 16 Feb 2026 00:00:00 +0530 Mon, 23 Feb 2026 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786943 Whether a settlement application can be rejected for non compliance with the requirement of full and true disclosure was addressed: the authority declined settlement under the statutory disclosure provision after finding alleged nondisclosure of income linked to an inflated refinery loss, but it did not adequately examine the detailed confidential materials showing how the additional income was derived. Because rejection attracts interest, penalty and prosecution risk, the authority was required to closely scrutinise and verify the evidential material before concluding nondisclosure; the matter is remitted for fresh consideration of the disclosed materials and the impugned orders set aside. Case-Laws Income Tax Mon, 16 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786943