AJMERA HNG.CORP.& ANR.ETC.ETC. vs COMMISSIONER OF INCOME TAX

The Supreme Court upheld the High Court's decision to set aside the Income Tax Settlement Commission's order under Section 245D(4) of the Income Tax Act, 1961, remanding the case for fresh consideration. The Court emphasized the necessity for a full and true disclosure of income by the assessee, as required under Section 245C(1) of the Act. The ruling reinforces the principle that the Settlement Commission must ensure complete transparency in income declarations during settlement proceedings.