Section 245C of ITA, 1961 : Section 245C: Application For Settlement Of Cases
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Gupta, who has not disclosed all of his income from a side business during his regular tax assessments. Upon realizing the potential legal consequences, he decides to come clean and disclose the previously undeclared income to the authorities. The additional income tax payable on this undisclosed income is ₹60 lakh.
Mr. Gupta can make an application to the Income Tax Settlement Commission under...
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