Settlement Application Rejected u/s 245C of Income Tax Act Due to Alleged Fact Suppression by Assessee.

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....Rejection of Settlement application u/s 245C - allegation of Suppression of facts - Legislative intention is to ensure that the manner in which the income has been derived must be disclosed by the Assessee while submitting an application under Section 245C of the Income Tax Act and in the absence of furnishing all such details, settlement cannot be arrived and the authorities are bound to continue their investigation and proceed for assessment or for reassessment under the relevant provisions of the Income Tax Act. - HC....