1987 (4) TMI 13

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....ioner, Meerut, dated July 9, 1986. A petition under section 273A of the Income-tax Act, 1961 (" the Act had been filed by Shree Kishan in two capacities, viz., as an individual and as a member of the Hindu undivided family. He made three prayers, viz., (i) no penalty or prosecution may be levied/launched under any provision of the Act or under any other law and any penalty imposable may be waiv....

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....would be waiver of penalty under section 271(1)(c) of the Act. The other prayers in respect of penalties and interest were rejected. The assessee's prayer for exemption was also rejected. Learned counsel for the petitioner contended that the Commissioner has erred in law in not treating the disclosure petition of the petitioner in the true spirit and intent of Explanation 2 to section 273A. In ....

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.... it clear that there are two essential requirements to avail of the benefit given under nation 2. Firstly, there has to be a full and true disclosure of the income and, secondly, such a disclosure has to be made within 15 days of the seizure. If there is no full and true disclosure, the benefit cannot be availed of by the person whose books of account, etc., and valuables are seized. There is a ti....

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.... of an additional amount of Rs. 1,53,028 besides Rs. 1,50,000 already offered. He had stated therein that time being short for filing the first petition, he was now making further surrender of the aforesaid amount in continuation of the first petition. The question is whether such a petition by way of continuation is permissible. Explanation 2 to section 273A does not contemplate any power to e....