High Court sets aside rejection of settlement under Section 245C for non-disclosure, orders fresh consideration

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....The HC set aside the order of the 1st respondent/Interim Board for Settlement-II rejecting the petitioner's third settlement application under section 245C. The Settlement Board had found non-disclosure of income relating to an alleged Rs. 18 Crores transaction from Smt. VK Sasikala, concluding the petitioner did not make full and true disclosure. However, the Adjudicating Authority had previously examined the transaction and concluded no such amount was received, a finding not considered by the Settlement Board. The HC held that the Settlement Board must base rejection on valid reasons and remanded the matter for fresh consideration in light of the Adjudicating Authority's findings. The impugned rejection order was quashed, and the 1st respondent was directed to reconsider the application afresh.....