Disclosure of additional income before settlement commission is allowed: HC

PCIT Vs Shankarlal Nebhumal Uttamchandani (Gujarat High Court) Conclusion: Additional income disclosed to the tune of Rs. 12 Crore by assessee during the course of proceedings before the Commission was just and proper and Commission was right in considering the revised offer made by assessee during the course of the proceedings in the nature of spirit of settlement. Held: Principal CIT challenged the common order passed by the Settlement Commission on the ground that assessee did not make true and full disclosure and major portion of the income required to be disclosed for assessment was suppr...