https://www.taxtmi.com/caselaws?id=39884 The court ruled in favor of the petitioners, a partnership firm and its partners, in a case involving the rejection of their explanation by the Income-tax Officer (ITO) regarding sums credited in their books. The court held that the ITO exceeded jurisdiction by questioning declarations made under the voluntary disclosure scheme and that the provisions of the Finance Act, specifically section 24, override those of the Income-tax Act. Consequently, the court quashed the orders of the tax authorities, directing them not to charge any income tax on the disputed sum of Rs. 30,000 from the petitioners. en-us Fri, 01 Mar 1974 00:00:00 +0530 Tue, 20 Apr 2010 18:09:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39884 The court ruled in favor of the petitioners, a partnership firm and its partners, in a case involving the rejection of their explanation by the Income-tax Officer (ITO) regarding sums credited in their books. The court held that the ITO exceeded jurisdiction by questioning declarations made under the voluntary disclosure scheme and that the provisions of the Finance Act, specifically section 24, override those of the Income-tax Act. Consequently, the court quashed the orders of the tax authorities, directing them not to charge any income tax on the disputed sum of Rs. 30,000 from the petitioners. Case-Laws Income Tax Fri, 01 Mar 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39884