2026 (5) TMI 101

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....ment Year 2013-14. 2. Brief facts of the case are that the assessee is a company which had furnished a return of income u/s 139(1) of the Income Tax Act, 1961 (hereinafter referred as "Act") for the assessment year 2013-14 on 26.9.2013 declaring income of Rs. 35,07,225/-. As per the information available in this case for the financial year 2012-13 relevant to the assessment year 2013-14, the assessee has disclosed an amount of Rs. 2,03,17,850/- for AY 2013-14 under the IDS-2016 Scheme on 28.09.2016. The assessee had to pay the tax of Rs. 91,43,032/- on its undisclosed income upto 30.09.2017. The assessee has failed to deposit the tax within this stipulated time. The AO made the addition of the total income which was disclosed by the asse....

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....this Scheme,- (i) such income shall be deemed to have accrued, arisen or received, as the case may be; or (ii) the value of the asset acquired out of such income shall be deemed to have been acquired or made, in the year in which a notice under section 142, sub-section (2) of section 143 or section 148 or section 153A or section 153C of the Income Tax Act is issued by the Assessing officer, and the provisions of the Income Tax Act shall apply accordingly." 4. Ld. AR further submitted that Department has accepted the version of the aforesaid Act in the assessment order dated 30.3.2026 in the case of Kuldip Singh Sethi & Gagan Goyal (PAN: AAJFK8905H) (AY 2017-18), copy of which has been placed on record, wherein,....