On writ allowing the petition of the Revenue the Court held that despite acknowledging assessee\u00a0group’s\u00a0inadequate disclosure regarding share capital\/premium and absence of a satisfactory explanation from its side, Income Tax Settlement Commission\u00a0 proceeded with settlement application Court held that if the\u00a0 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.\u00a0 ITSC acted in excess of jurisdiction conferred upon it under Act. Accordingly the\u00a0\u00a0 order passed by ITSC granting immunity from penalty and prosecution is\u00a0\u00a0 set aside. (AY. 2001-02 to 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 245D : Settlement Commission-Settlement of cases-Failure to make full and true disclosure-Additional income disclosed before Settlement Commission-Order granting immunity from penalty and prosecution is set aside. [S. 245C,245D(4) 245H, 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-52938","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dLQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52938","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=52938"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52938\/revisions"}],"predecessor-version":[{"id":52939,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52938\/revisions\/52939"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}