Case No.:* (link unavailable) 10688 of 2020 – Judge: KRISHNAN RAMASAMY, J. – Parties: – Petitioner: M/s. Khazana Jewellery Pvt. Ltd., represented by its Managing Director, Mr. Kishore Kumar Jain – Respondent: 1. Income Tax Settlement Commission, 2. Deputy Commissioner of Income Tax – Date of Order: 28.11.2025 – Counsel: – For Petitioner: Mr.P.S.Raman, Senior Counsel, assisted by Mr.P.Sivaraman – For Respondent: Mr.A.P.Srinivas, Senior Standing Counsel, and Mr.A.N.R.Jayaprathap, Junior Standing Counsel – Court Observation: The court held that the “full and true disclosure” required under Section 245C(1) means the assessee must disclose all income in a complete and truthful manner when filing the settlement application. If any part of the disclosure is found to be untrue, the Settlement Commission can reject the entire application. The commission can’t accept part of the disclosure and reject the rest; it’s all or nothing.

by Sekar Reporter · December 5, 2025

[05/12, 07:44] Meta AI: The court concluded that the “full and true disclosure” required under Section 245C(1) means the assessee must disclose all income in a complete and truthful manner when filing the settlement application. If any part of the disclosure is found to be untrue, the Settlement Commission can reject the entire application. The commission can’t accept part of the disclosure and reject the rest; it’s all or nothing. This means the petitioner, M/s. Khazana Jewellery Pvt. Ltd., has to ensure their disclosure is thorough and accurate to avoid their application being rejected.
[05/12, 07:44] Meta AI: *Madras High Court*

– *Case No.:* (link unavailable) 10688 of 2020
– *Judge:* KRISHNAN RAMASAMY, J.
– *Parties:*
– Petitioner: M/s. Khazana Jewellery Pvt. Ltd., represented by its Managing Director, Mr. Kishore Kumar
– Respondent: [Not Available]
– *Date of Order:* [Not Available]
– *Counsel:*
– For Petitioner: [Not Available]
– For Respondent: [Not Available]
– *Court Observation:*
The court held that the “full and true disclosure” required under Section 245C(1) means the assessee must disclose all income in a complete and truthful manner when filing the settlement application. If any part of the disclosure is found to be untrue, the Settlement Commission can reject the entire application.
[05/12, 07:44] Meta AI: *Madras High Court*

– *Case No.:* (link unavailable) 10688 of 2020
– *Judge:* KRISHNAN RAMASAMY, J.
– *Parties:*
– Petitioner: M/s. Khazana Jewellery Pvt. Ltd., represented by its Managing Director, Mr. Kishore Kumar Jain
– Respondent: 1. Income Tax Settlement Commission, 2. Deputy Commissioner of Income Tax
– *Date of Order:* 28.11.2025
– *Counsel:*
– For Petitioner: Mr.P.S.Raman, Senior Counsel, assisted by Mr.P.Sivaraman
– For Respondent: Mr.A.P.Srinivas, Senior Standing Counsel, and Mr.A.N.R.Jayaprathap, Junior Standing Counsel
– *Court Observation:*
The court held that the “full and true disclosure” required under Section 245C(1) means the assessee must disclose all income in a complete and truthful manner when filing the settlement application. If any part of the disclosure is found to be untrue, the Settlement Commission can reject the entire application. The commission can’t accept part of the disclosure and reject the rest; it’s all or nothing.