Settlement Commission's Authority to Grant Immunity – Sections 245C and 245H of the Income-tax Act, 1961 – Validity of the High Court's decision in affirming that the Settlement Commission should not have granted immunity under Section 245H without evidence of no wilful tax evasion by the assessee – HELD – The Supreme Court held that applications to the Settlement Commission under Section 245C must include disclosures of income not previously revealed to the Assessing Officer. The Court also determined that the assessee's application, containing information already discovered by the Assessing Officer, was valid for consideration by the Commission, and such circumstances justified granting immunity under Section 245H – The Supreme Court challenged the High Court of Karnataka's judgment dated 06.07.2012 in Writ Appeal No. 2458 of 2010. The matter, remanded by the Single Judge for fresh consideration on immunity from penalty and prosecution decided in favor of the assessee.

For Full Text of Judgment : Please click on link bellow.

Kotak Mahindra Bank Limited v. Commissioner of Income Tax, Bangalore and Anr.

CIVIL APPEAL NO.9720 OF 2014 Dated 25th September, 2023

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