Declarations made u/s 3(1) Income - Tax Act, 1961.

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....e and specified in a declarations made u/s 3(1) of the said Act are entitled to exemption from wealth-tax for and upto the assessment year 1975-76. This exemption is available on due payment of income-tax, investment in 5-3/4% Bonds, 1985 and intimation of the necessary adjustment in books of account etc. to the concerned Income-tax Officer as stipulated Section 8 of the Act. 2. A person who has ....

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....sessment year 1976-77, and/or on the disposal of the said assets by the declarant, profit/capital gains realised thereby are duly assessed. Further, if the declarant is not an existing assessee and the nature and value of assets specified in the declaration justify his being taken on the record of the Department, it should be possible to do so even if the declarant omits to file the requisite retu....

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....n which the income disclosed exceeds Rs.50,000. The I.T.O/W.T.O. concerned should keep the copies of the statements in a separate confidential cover in his personal custody with a list of the assessees to whom the statements pertain. 5. The I.T.O./W.T.O. should scrutinise copy of each statements received by him with a view to: (i) satisfy himself with reference to the records available with him,....