Court Rules on Section 245D(2C) Applications: No Disclosure Failure Without Consolidated Cash Flow Statement for Undisclosed Income.

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....Applications before the Income Tax Settlement Commission (ITSC) u/s 245D(2C) - the failure to disclose the manner of earning undisclosed income. Merely because the consolidated cash flow was not in respect of four Petitioners could not mean that they had not disclosed the manner of earned undisclosed ncome. - HC....