1979 (3) TMI 93

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.... of the IT Act, 1961. The Asst. years are 1972-73, 1973-74 and 1974-75. The IAC levied penalties of Rs. 32,900, Rs. 85,000 & Rs. 48,515 for those three years. He held that the appellant would be entitled to immunity against penalty under s. 14(1) of the Voluntary Disclosure Act of 1976, that such immunity could be available to the appellant only on the receipt of a certificate from the CIT under s....

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....ry Disclosure Act. He pointed out that the IAC had levied the penalty under a mis-apprehension. He also placed before us a certificate from the State Bank of India, Gudiyatham dt. 10th Jan., 1978 regarding the payment of the taxes due on the income disclosed for these three years and submitted that this certificate conclusively proved that the appellant had complied with the requirements of law un....

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....no dispute that the impugned penalties have been levied with reference to the amounts of income disclosed by the assessee under s. 14(1) of the Voluntary Disclosure Act, 1976. There is also no dispute that the disclosure made by the assessee has been accepted by the Department and that the assessee had also paid the taxes in accordance with the terms imposed by the CIT as could be seen from the ce....