Voluntary disclosure immunity under wealth-tax law upheld where statutory conditions were complied with and no referable question arose.

Section 15 of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 allowed declaration of net wealth within the prescribed period and protected the declared wealth from being used for penalty or prosecution under the Wealth-tax Act. On the stated facts, the disclosure was accepted, immunity was granted to that extent, and timely payment of wealth-tax on the declared wealth was not disputed. The Tribunal's view that the assessee had complied with the statutory conditions was therefore upheld, and no referable question of law arose from its refusal to refer the proposed questions.

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Issues: Whether the voluntary disclosure made under section 15 of the Voluntary Disclosure of Income and Wealth Ordinance, 1975, conferred immunity from penalty in respect of the declared wealth and whether the Tribunal's refusal to refer the proposed questions gave rise to any referable question of law.

Analysis: Section 15 of the Ordinance permitted a declaration of net wealth within the prescribed period and provided that the wealth so declared would not be taken into account for penalty or prosecution under the Wealth-tax Act. The assessment records showed that the disclosure was taken note of and immunity was allowed to that extent. The payment of wealth-tax on the declared wealth within time was also not in dispute. On these facts, the Tribunal's view that the assessee had complied with the statutory requirements and was entitled to the benefit of the scheme was correct, and no question of law arose from its order requiring a reference.

Conclusion: The assessee was entitled to immunity from penalty under the voluntary disclosure scheme, and the applications for reference were rightly dismissed.

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