2018 (9) TMI 217

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....he Respondent : Mr. Somak Basu, Advocate ORDER Aniruddha Bose,J.: The assessee had made voluntary disclosure of a sum of Rs. 1,33,25,109/- being interest on share application money. The assessee had received the interest during the previous year relevant to the Assessment Year 1994-95, but the said sum was not offered for tax in that year. This disclosure was made in terms of voluntary di....

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....ibunal, however, sustained the assessee's claim for reduction relying on Section 68 of the Finance Act, 1997, which stipulates:- "68. (1) The amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under the Income-tax Act, if the following conditions are fulfilled, namely:- i. the declarant credits such amount....

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....ned Counsel for the Revenue has pressed only this point before us. His submission is that both the Commissioner and the Tribunal erred in law as the provision of Section 115JA ought to have prevailed so far as interest income is concerned as reflected in the Profit & Loss Account for the Assessment Year 1998-99. The Tribunal held:- "15. We have considered the rival submissions and also pe....

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....essee under VDIS for A.Y.1994-95 could not be included in the total income of the assessee for the year under consideration even for the purpose of computing book profit under section 115JA of the Income Tax Act, whereby an amount equal to 30% of the book profit is deemed to be the total income of the assessee chargeable to tax for the relevant previous year. We, therefore, find no infirmity in th....