1992 (9) TMI 4

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....late Tribunal was right in holding that a certificate under section 8(2) of the Voluntary Disclosure of Income and Wealth Act, 1976, was not a condition precedent for non-inclusion of the disclosed income The basic material facts relevant to record answers to these questions are these : During the course of assessment proceedings for the year 1977-78 (previous year ending Diwali 1976), the Income-tax Officer found that there was a deposit of Rs. 40,000 in the personal books of account of the assessee in December, 1975. The assessee contended that the income was not earned during the previous year but had been earned in the past 10 years. A disclosure petition was despatched by post on December 30, 1975, by the assessee from Amravati t....

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.... furnish a return under section 139 of the Income-tax Act, or (b) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Ordinance, or (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under either of the said Acts or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the said Acts or in any Finance Act, income-tax shall be charged in respect of the income so declared (such income hereinafter referred to as the voluntarily disclosed income) at the rate or rates specified in the Schedule to this Ordinance." H....

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....e Maharashtra (Vidarbha Region) Agricultural Debtors' Relief Act, 1969, as "up to". This takes us to question No. 2. Section 8 of the Ordinance reads thus : "8. (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 Indian Income-tax Act, 1922 (11 of 1922), or the Income-tax Act, 1961 (43 of 1961), or the Excess Profits Tax Act, 1940 (15 of 1940), or the Business Profits Tax Act, 1947 (21 of 1947), or the Super Profits Tax Act, 1963 (14 of 1963), or the Companies (Profits) Surtax Act, 1964 (7 of 1964), if,-- (i) the declarant credits such amount in the books of account, if any, maintained by him for any source of income or in any other record, ....