Declaration under section 3(1): declared income is excluded from assessment once tax is paid and prescribed investment is made. Income-tax officers must maintain a confidential register and separate declarant-wise confidential folders in their personal custody recording intimations of credit for amounts declared under section 3(1); when income is excluded from computation because of a declaration, a confidential note under the assessment order must indicate particulars and refer to the confidential folder. A certificate under section 8(2) is factual and issued only after full tax payment and requisite investment in notified Government securities; ITOs must verify admissibility and exclude validly declared amounts. Investment after thirty days or delayed tax payment does not invalidate a declaration, and declarants retain immunities for time-barred years if prescribed conditions are met.
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Provisions expressly mentioned in the judgment/order text.
Declaration under section 3(1): declared income is excluded from assessment once tax is paid and prescribed investment is made.
Income-tax officers must maintain a confidential register and separate declarant-wise confidential folders in their personal custody recording intimations of credit for amounts declared under section 3(1); when income is excluded from computation because of a declaration, a confidential note under the assessment order must indicate particulars and refer to the confidential folder. A certificate under section 8(2) is factual and issued only after full tax payment and requisite investment in notified Government securities; ITOs must verify admissibility and exclude validly declared amounts. Investment after thirty days or delayed tax payment does not invalidate a declaration, and declarants retain immunities for time-barred years if prescribed conditions are met.
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