https://www.taxtmi.com/caselaws?id=350980 Under the Voluntary Disclosure of Income Scheme, 1997, a declaration covering capital gains from the sale of gold, silver articles and utensils could not be rejected merely because the declarant no longer held the assets on the date of declaration. Clause 64(1)(b) permitted disclosure of income not shown in an earlier return, and clause 68 protected voluntarily disclosed income from inclusion in total income. The court distinguished CBDT clarification on declared jewellery, noting that this declaration concerned sale proceeds and capital gains rather than undisclosed assets themselves. In the absence of any express scheme condition requiring continued ownership on the declaration date, rejection of the declaration was held unlawful. en-us Wed, 08 Nov 2017 00:00:00 +0530 Thu, 16 Nov 2017 09:38:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350980 Under the Voluntary Disclosure of Income Scheme, 1997, a declaration covering capital gains from the sale of gold, silver articles and utensils could not be rejected merely because the declarant no longer held the assets on the date of declaration. Clause 64(1)(b) permitted disclosure of income not shown in an earlier return, and clause 68 protected voluntarily disclosed income from inclusion in total income. The court distinguished CBDT clarification on declared jewellery, noting that this declaration concerned sale proceeds and capital gains rather than undisclosed assets themselves. In the absence of any express scheme condition requiring continued ownership on the declaration date, rejection of the declaration was held unlawful. Case-Laws Income Tax Wed, 08 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350980