Disclosure - Indian Laws - General

Meaning of term Disclosure As per the P. Ramanatha Aiyar, Advanced Law Lexicon, Volume 2, Edition 6, To Disclose is to expose to view or knowledge, anything which before was secret, hidden or concealed. The word disclosure means to disclose, reveal, unravel or bring to notice, vide CIT Vs. Bimal Kumar Damani, [ 2003 (2) TMI 49 - CALCUTTA HIGH COURT] . The word true qualifies a fact or averment as correct, exact, actual, genuine or honest. The word full means complete. True disclosure of concealed income must relate to the assessee concerned. Full disclosure, in the context of financial documents, means that all material or significant information should be disclosed. Therefore, the meaning of full and true disclosure is the voluntary filing of a return of income that the assessee earnestly believes to be true. Production of books of accounts or other material evidence that could ordinarily be discovered by the assessing officer does not amount to a true and full disclosure. M/S. MANGALAM PUBLICATIONS- [ 2024 (1) TMI 1042 - SUPREME COURT ]