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Additional income disclosed before SetCom to close matter can’t indicate that true disclosure of income not made

September 16, 2021[2021] 130 taxmann.com 249 (Madras)

INCOME TAX : Where assessee agreed to abide by directions issued by ITSC during settlement proceedings for further disclosure of income not because assessee accepted understatement of income, but with view to bring quietus to matter and in spirit of settlement; additional income offered by assessee by means of further disclosure pursuant to submission of verification report to ITSC, which was merely a further report under section 245D could not be construed to non suit assessee that full and true disclosure was not made before ITSC at first instance, thus, immunity from penalty and prosecution was rightly granted to assessee

• Act it selt provides for a mechanism or amnesty to an assessee, who is a defaulter or has been subjected to search and seizure operation to come before the ITSC to make a full and true disclosure and settle the case by paying taxes and other dues and if the ITSC is satisfied, then, it will be in a position to grant immunity from penalty and prosecution after recovering the tax payable by the assessee.

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