https://www.taxtmi.com/caselaws?id=446450 Income declared under the Income Declaration Scheme, 2016 retained its declared character as capital gains even though tax under the Scheme was not paid. Default in payment did not, by itself, convert the declaration into unexplained income or permit assessment under section 68 read with section 115BBE, because the Scheme was silent on altering the nature of declared income on default and the Revenue did not dispute the declared character. The declared capital-gains treatment, including the reference to section 54F, therefore had to be respected and the assessment recomputed on that basis. en-us Thu, 10 Aug 2023 00:00:00 +0530 Mon, 04 Dec 2023 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446450 Income declared under the Income Declaration Scheme, 2016 retained its declared character as capital gains even though tax under the Scheme was not paid. Default in payment did not, by itself, convert the declaration into unexplained income or permit assessment under section 68 read with section 115BBE, because the Scheme was silent on altering the nature of declared income on default and the Revenue did not dispute the declared character. The declared capital-gains treatment, including the reference to section 54F, therefore had to be respected and the assessment recomputed on that basis. Case-Laws Income Tax Thu, 10 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446450