https://www.taxtmi.com/caselaws?id=205009 A declaration under the Voluntary Disclosure of Income Scheme, 1997 does not protect disclosed assets where the tax due under the scheme is not paid; in that situation, the declaration may be treated as unavailable for scheme protection and can form material for reopening assessment under sections 147 and 148. Reassessment on that basis was upheld. The analysis also restates that, under section 69A, if an assessee is found to own jewellery or other valuables and gives no satisfactory explanation of their nature and source, the value may be deemed income of the year in which the asset is found. The statutory presumption is rebuttable, but the burden lies on the assessee to explain acquisition satisfactorily. en-us Tue, 14 Dec 2010 00:00:00 +0530 Tue, 26 Jul 2011 13:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205009 A declaration under the Voluntary Disclosure of Income Scheme, 1997 does not protect disclosed assets where the tax due under the scheme is not paid; in that situation, the declaration may be treated as unavailable for scheme protection and can form material for reopening assessment under sections 147 and 148. Reassessment on that basis was upheld. The analysis also restates that, under section 69A, if an assessee is found to own jewellery or other valuables and gives no satisfactory explanation of their nature and source, the value may be deemed income of the year in which the asset is found. The statutory presumption is rebuttable, but the burden lies on the assessee to explain acquisition satisfactorily. Case-Laws Income Tax Tue, 14 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205009