1989 (2) TMI 102

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....nce of the Revenue, the income-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim deduction of the tax liability in respect of the disclosure made under section 3(1) of the Voluntary Disclosure of Income and Wealth Act, 1976 ?" The respondent is an as....

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....ion date, namely, September 30, 1975, since the Ordinance was promulgated after the valuation date. In appeal, the Commissioner of Income-tax (Appeals), relying on the Bench decision of this court in C. K. Babu Naidu and Sundararaj v. WTO [1978] 112 ITR 341, accepted the assessee's contention and allowed the appeal. The above Bench decision dealt with the liability of an assessee on a declaration ....

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....y income chargeable to tax" occurring in section 3(1) of the Voluntary Disclosure of Income and Wealth Act, 1976, indicated that the declaration is only of income that has escaped assessment, that is, income which otherwise should have been part of the assessed income, but which for certain other reasons failed to be included in the total income. It was further held that the different kinds of cas....

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....ion 68 of the Finance Act, 1965, has the liability to pay income-tax imbedded in it on the valuation date but only the ascertainment of that liability is postponed to a future date. The Supreme Court held that the declaration contemplated under section 68 of the Finance Act, 1965, is a declaration in respect of income of earlier years which has been concealed and on which tax was payable during th....