ITSC Cannot Grant Immunity Without Full & True Disclosure: Delhi HC

PCIT (Central) Vs Pankaj Buildwell Ltd. & Group (Delhi High Court) The Delhi High Court has held that legal framework concerning applications under Section 245C (1) of the Act fundamentally requires a “full and true disclosure” of additional income. It must be noted that the procedure prescribed under Chapter XIX-A of the Act is a marked departure from the general procedure involving assessment by the AO and consequent action under the law. As briefly observed in the initial part of this judgment, this departure is meant to provide an opportunity for the assessee to come clean...