https://www.taxtmi.com/caselaws?id=8577 The court clarified that voluntary disclosures made under section 68 of the Finance Act, 1965 did not exempt the petitioner from regular assessments but required exclusion of disclosed amounts from taxable income. The Income-tax Officer was directed to proceed with assessments for the years in question, allowing the petitioner to provide evidence for undisclosed income not covered by the disclosures. The judgment emphasized the importance of following prescribed procedures for voluntary disclosure of income and ensuring transparency and verification during assessments. en-us Fri, 15 May 1970 00:00:00 +0530 Thu, 30 Apr 2009 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8577 The court clarified that voluntary disclosures made under section 68 of the Finance Act, 1965 did not exempt the petitioner from regular assessments but required exclusion of disclosed amounts from taxable income. The Income-tax Officer was directed to proceed with assessments for the years in question, allowing the petitioner to provide evidence for undisclosed income not covered by the disclosures. The judgment emphasized the importance of following prescribed procedures for voluntary disclosure of income and ensuring transparency and verification during assessments. Case-Laws Income Tax Fri, 15 May 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8577