The assessees had disclosed the receipts in full and offered part of such receipts as income while claiming the remaining portion as deductible expenses. The Settlement Commission rejected the applications at the stage of s. 245D(2C) on the ground of absence of full and true disclosure. On writ, the Court held that where receipts are disclosed and only the quantification of allowable expenses requires verification, the matter calls for deeper factual examination. The proper course was to allow the applications to proceed beyond s. 245D(2C) and adjudicate the claim under s. 245D(4) after calling for evidence and determining the correct taxable income. Rejection at the preliminary stage was not justified. The impugned order was quashed. In view of abolition of the ITSC and constitution of the Interim Board for Settlement under s. 245AA w.e.f. 1-2-2021, the matters were directed to be placed before the Interim Board for disposal in accordance with law.