TaxTMI 
TaxTMI 
1982 (5) TMI 26
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....as imposable under s. 271(1)(a) and s. 273(b) and interest chargeable under s. 139 and s. 217 of the Act may be waived or reduced. After that disclosure application, the ITO issued notices under s. 148 of the Act and pursuant thereto the assessee filed returns. The ITO made the assessments for these years on January 31, 1975. The details of income returned and assessed were as under : Assessment Income Income year returned assessed Rs. Rs. 1970-71 &n....
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....were not valid returns, the petitioner was not entitled to a waiver of the penalty leviable or the interest chargeable. He accepted the assessee's prayer in regard to the other two years and waived the penalty as also the interest. The petitioner now seeks the quashing of the order dated September 23, 1978, in so far as the assessment years 1970-71 and 1971-72 are concerned. He also prays for writ of mandamus directing the respondent-Commissioner, Kanpur, to restore the disclosure petition, in so far as it relates to the assessment years 1970-71 and 1971-72, and to decide it afresh in accordance with law and allow the relief as prayed for. There is no dispute in regard to facts. As noted above, the disclosure petition was in respect of f....
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....ssue of notice to him under sub-section (2) of section 139, voluntarily and in good faith made full and true disclosure of his income ; (b) in the case referred to in clause (ii), has, prior to the detection by the Income-tax Officer, of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, made full and true disclosure of such particulars ; (c) in the cases referred to in clause (iii), has, prior to the issue of a notice to him under sub-section (2) of section 139, or where no such notice has been issued and the period for the issue of such notice has expired, prior to the issue of notice to him under section 148, voluntarily and in good faith ....
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....ittedly no notice had been issued to the petitioner under sub-s. (2) of s. 139. He, of course, made full and true disclosure of his income for these two years after the expiry of the period prescribed under sub-ss. (1), (2) and (4) of s. 139. That was none the less prior to the issue of the notice under s. 148. It may be noted that the notice under s. 148 was issued only after the disclosure petition had been made and pursuant to that notice returns were filed. There is no warrant for saying that full and true disclosure of income can be made only in the return. It can be made by way of a petition and such is the disclosure contemplated by this provision. The main object of this provision is to facilitate voluntary disclosure of concealed i....