https://www.taxtmi.com/acts?id=19914 The statute confirms that benefits under the Chapter attach only to the person making a declaration and not to others. If a declaration is made but tax and penalty remain unpaid within the prescribed period, the asset's value is chargeable to tax in the previous year when the declaration was made. An asset acquired before commencement but not declared is deemed to have been acquired in the year an assessing officer issues a notice, and the Act's provisions apply accordingly. en-us Fri, 03 Jul 2015 18:21:46 +0530 Wed, 05 Nov 2025 17:48:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=19914 The statute confirms that benefits under the Chapter attach only to the person making a declaration and not to others. If a declaration is made but tax and penalty remain unpaid within the prescribed period, the asset's value is chargeable to tax in the previous year when the declaration was made. An asset acquired before commencement but not declared is deemed to have been acquired in the year an assessing officer issues a notice, and the Act's provisions apply accordingly. Act-Rules Direct Taxes Fri, 03 Jul 2015 18:21:46 +0530 https://www.taxtmi.com/acts?id=19914