https://www.taxtmi.com/circulars?id=9730 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. en-us Thu, 13 Feb 1986 00:00:00 +0530 Wed, 08 Jun 2011 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9730 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. Circulars Income Tax Thu, 13 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9730