Penalty under Section 10 CDS(ITP) Act not to be initiated where voluntary disclosure shows reasonable cause for default. The Board instructs that voluntary suo moto declarations of higher income or wealth made before 31 3 1986 for assessment year 1986 87 and earlier, pursuant to Government circulars, are to be assessed at normal rates without penalty. As the 1980 amendment to Section 10 of the CDS(ITP) Act excludes penalties where there is a reasonable cause for default in making compulsory deposit, such voluntary declarations should be treated as arising from reasonable cause and penalty proceedings under Section 10 need not be initiated.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty under Section 10 CDS(ITP) Act not to be initiated where voluntary disclosure shows reasonable cause for default.
The Board instructs that voluntary suo moto declarations of higher income or wealth made before 31 3 1986 for assessment year 1986 87 and earlier, pursuant to Government circulars, are to be assessed at normal rates without penalty. As the 1980 amendment to Section 10 of the CDS(ITP) Act excludes penalties where there is a reasonable cause for default in making compulsory deposit, such voluntary declarations should be treated as arising from reasonable cause and penalty proceedings under Section 10 need not be initiated.
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