Section 245H of ITA, 1961 : Section 245H: Power Of Settlement Commission To Grant Immunity From Prosecution And Penalty

Explanation using Example

Imagine Mr. Sharma, a business owner, has not declared some of his income on his tax returns for the past few years. Realizing he could face serious penalties and prosecution if the Income Tax Department discovers this, he decides to make a voluntary disclosure by applying for settlement under section 245C of the Income-tax Act, 1961.

During the settlement proceedings with the Settlement Commission, Mr. Sharma cooperates fully. He provides a complete and honest disclosure of his previously unreported income and explains the sou...

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