https://www.taxtmi.com/caselaws?id=56514 Remittances received under the special foreign exchange enactment were treated as outside income-tax proceedings under section 4, even where the assessee did not obtain immunity under section 3 and the declaration was filed late. Section 4 was read as operating independently of section 3: it excludes such remittances from consideration in proceedings under the Income-tax Act, while the Explanation preserves taxability only of income arising from those remittances. The Board's circular was treated as binding on tax authorities and consistent with that reading. Foreign exchange receipts received during the scheme period therefore could not be treated as unexplained deposits, and the addition under section 69 failed. en-us Fri, 16 Aug 2002 00:00:00 +0530 Sat, 04 Dec 2010 11:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56514 Remittances received under the special foreign exchange enactment were treated as outside income-tax proceedings under section 4, even where the assessee did not obtain immunity under section 3 and the declaration was filed late. Section 4 was read as operating independently of section 3: it excludes such remittances from consideration in proceedings under the Income-tax Act, while the Explanation preserves taxability only of income arising from those remittances. The Board's circular was treated as binding on tax authorities and consistent with that reading. Foreign exchange receipts received during the scheme period therefore could not be treated as unexplained deposits, and the addition under section 69 failed. Case-Laws Income Tax Fri, 16 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56514