https://www.taxtmi.com/caselaws?id=62135 Section 14(5A) of the Voluntary Disclosure of Income and Wealth Act, 1976 protected searched assessees from concealment penalty where the disclosed income formed part of the assessed demand and the statutory tax and prescribed simple interest were paid within the amended time limit. The amendment in section 38 of the Finance Act, 1977 preserved immunity if the unpaid tax and interest were discharged before 1 January 1978. On the stated facts, the tax was paid in time and the interest already paid under section 220(2) of the Income-tax Act was sufficient, so the assessee satisfied the statutory conditions and penalty under section 271(1)(c) did not survive. en-us Fri, 08 Dec 1978 00:00:00 +0530 Tue, 18 Jan 2011 12:26:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62135 Section 14(5A) of the Voluntary Disclosure of Income and Wealth Act, 1976 protected searched assessees from concealment penalty where the disclosed income formed part of the assessed demand and the statutory tax and prescribed simple interest were paid within the amended time limit. The amendment in section 38 of the Finance Act, 1977 preserved immunity if the unpaid tax and interest were discharged before 1 January 1978. On the stated facts, the tax was paid in time and the interest already paid under section 220(2) of the Income-tax Act was sufficient, so the assessee satisfied the statutory conditions and penalty under section 271(1)(c) did not survive. Case-Laws Income Tax Fri, 08 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62135