Settlement Commission's Order u/s 245D(4) Overturned for Lack of True Disclosure; Case Returned for Assessment.

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....Validity of order of Settlement Commission u/s 245D(4) - In this case, the 2nd respondent has been ill advised to not to make true and full disclosure and to take a chance considering the fact that the scope of enquiry before the 1st respondent Settlement Commission is a summary proceeding and proceeds on the principle of trust and assumption that an applicant has made a bona fide disclosure for settling the case. The 1st respondent merely relies on the inputs given by the departments to verify the claim of an income tax assessee. - no additional amount of income was offered over and above the amount disclosed in the returns filed u/s 139 - The impugned order is set aside. The case is remitted back to the jurisdictional AO to complete the assessments - HC....