https://www.taxtmi.com/caselaws?id=794924 Section 245C(1) requires a settlement application to provide a full and true disclosure of undisclosed income, the manner of its derivation, and the additional tax payable. A disclosure presented as business income was treated as insufficient where the application did not identify the relevant years, source, or documentary basis for the stated stock-in-trade. The requirement applies to the application as a whole, so a supported partial disclosure does not cure a material unsubstantiated component. Once the statutory disclosure threshold is not met, the Settlement Commission cannot reclassify the amount as unexplained investment under Section 69B or apply Section 115BBE(1); the application must be rejected in entirety, leaving tax treatment to regular assessment proceedings. en-us Fri, 28 Nov 2025 00:00:00 +0530 Tue, 14 Jul 2026 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794924 Section 245C(1) requires a settlement application to provide a full and true disclosure of undisclosed income, the manner of its derivation, and the additional tax payable. A disclosure presented as business income was treated as insufficient where the application did not identify the relevant years, source, or documentary basis for the stated stock-in-trade. The requirement applies to the application as a whole, so a supported partial disclosure does not cure a material unsubstantiated component. Once the statutory disclosure threshold is not met, the Settlement Commission cannot reclassify the amount as unexplained investment under Section 69B or apply Section 115BBE(1); the application must be rejected in entirety, leaving tax treatment to regular assessment proceedings. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794924