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2018 (7) TMI 1320 - HC - Income TaxRejecting the application for settlement for all the Assessment Years on the ground that the petitioner had not made true and full disclosures - Held that:- The Supreme Court in the case of Ajmera Housing Corporation and another v. Commissioner of Income Tax, [2010 (8) TMI 35 - SUPREME COURT OF INDIA] had emphasized the requirement of true and full disclosure in settlement proceedings and high lighted that such disclosures should be made at the outset in the application for settlement itself. It was a case in which a person, who had applied for settlement, had made sizable further disclosures after filing the application for settlement. The Supreme Court was of the view that this itself would show that the initial disclosure was not true. It was observed that full and true disclosure of income, which had not been previously disclosed, is a precondition for valid application u/s.245C(1) of the Act. The Scheme of Chapter XIXA does not contemplate revision of the income as disclosed in the application. If the assessee is permitted to revise his disclosure, it would, in a sense, mean making a fresh application in relation to the said case by withdrawing the earlier application. Thus, the assessee cannot revise the application.
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