Allowing the petition the Court held that the finding of the Settlement Commission that the failure to offer interest income on non-performing assets constituted a failure to make a full and true disclosure for the purpose of section\u00a0245C\u00a0of the Act, was unsustainable. The rejection of the application for settlement of case is\u00a0 not valid. By virtue of the provisions contained in the\u00a0Finance Act, 2021, sections\u00a0245A\u00a0and\u00a0245B\u00a0of the Act had been amended, and the Settlement Commission ceased to exist. In the place of the Settlement Commission, an Interim Board has been constituted to consider and entertain applications for settlement which were pending. The effect of an order quashing the order passed by the Settlement Commission would result in the application for settlement filed by the assessee being treated as a \u201dpending application\u201d which has to be disposed of by the Interim Board.](AY.2010-11 to 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 245D : Settlement Commission-Settlement of cases-Full and true disclosure of undisclosed income-Pending application-Rejection of application is not valid-Matter remanded to Interim Board. [S. 245A, 245B, 245C, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39815","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-amb","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39815"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39815\/revisions"}],"predecessor-version":[{"id":39816,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39815\/revisions\/39816"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}