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2017 (8) TMI 666 - HC - Income TaxApplication for settlement of cases - Fulfillment of the requirement of Section 245C relating to making a full and true disclosure of its income “which has not been disclosed” before the AO - Held that:- No doubt, Section 245C (1) of the Act requires the applicant to make a full and true disclosure of the income which has not been disclosed before the AO and the manner in which said income has been earned but this, by no means, requires to the applicant to demonstrate that there is a fresh source of income which was not earlier disclosed by the Assessee. It can happen that an income which was not earlier offered to tax, like an excessive claim for depreciation, is now withdrawn and, as a result, income is offered to tax before the ITSC. This will satisfy the requirement of Section 245C (1) of that Act that what was not earlier disclosed before the AO is now offered to tax. Consequently, the Court sets aside the order dated 4th November, 2016 passed by the ITSC and restores the Petitioner’s application to the file of the ITSC. The said application will be taken as having been proceeded with by the ITSC in terms of Section 245D (1) of the Act. For the further stages in the application, it will be listed before the ITSC on 20th September, 2017.
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