Nirmal And Navin P. Ltd. And Ors. vs D. Ravindran

The Supreme Court held that under Section 245H of the Income-tax Act, the Settlement Commission has the authority to grant immunity from prosecution and penalties if a full and true disclosure of income is made. The Court emphasized that the immunity granted is conclusive and cannot be reopened under any law, as per Section 245-I. The Court quashed the criminal complaint against the appellants, affirming that the immunity extends to the matters covered by the settlement, including fictitious transactions with Express Newspapers Ltd.