1999 (9) TMI 1003

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....id Scheme disclosing the income for the years 1991-92 and 1992-93, for which no returns were filed by him under Section 139(1) of the Income Tax Act (for short "the Act"). Later, the petitioner had paid the tax as computed under the said declaration on 31 st March, 1998 and sought for the issuance of a certificate under the Scheme. However, the said payment of lax was beyond the prescribed period under the Scheme as there was a delay of one day. Since the declaration was filed on 27-12-1997, the tax had to be paid by the declarant within a period of three months from the date of declaration along with simple interest at 2% per month as provided under Section 67 of the Scheme. Therefore, the respondents declined to grant the certif....

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....e prescribed period thereunder is entitled for refund of the same? 5. The Scheme was enunciated under the Finance Act, 1997 (Act 26 of 1997) with a view to give concessional rate of tax and immunity in respect of disclosure of concealed income. The Scheme is a self contained one providing the procedure. Therefore, one has to look into the provisions contained therein for any situation arising on the facts. Section 65 contemplates the filing of a declaration for any assessment year with all the particulars in the form specified therein. Section 66 contemplates the proof of payment of tax to be accompanied along with the declaration. However, Section 67(2) provides for the payment of tax at a later stage not beyond the period of three months....

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....the benefit under the Scheme, he has to mandatorily comply with the requirements. It contemplates the payment of tax along with the declaration itself, but at the same time, making a provision for payment of tax at a later stage not beyond three months from the date of filing the declaration with interest. Further, sub-section (2) of Section 67(2) stresses upon the mandatory requirement of payment of tax within the outer limit of time and in the event of any such non-payment of tax, the declaration shall be deemed never to have been made under the Scheme, i.e., it will be non-est. Section 70 of the Scheme contemplates that no amount of tax paid in pursuance of a declaration shall be refundable under any circumstances. Necessarily, it would ....