On writ allowing the petition of the Revenue the Court held that despite acknowledging assessee group’s inadequate disclosure regarding share capital/premium and absence of a satisfactory explanation from its side, Income Tax Settlement Commission  proceeded with settlement application Court held that if the  disclosure was not full and truthful, ITSC loses its jurisdiction to entertain such an application as well as to provide any immunity to applicant from prosecution and penalties. On facts, ITSC had erred in law by approving application of assessee under section 245C. ITSC further went on to grant immunity from penalty and prosecution under section 245H, which was contrary to twin conditions stipulated in section 245H.  ITSC acted in excess of jurisdiction conferred upon it under Act. Accordingly the   order passed by ITSC granting immunity from penalty and prosecution is   set aside. (AY. 2001-02 to 2007-08)