2002 (7) TMI 62 - HC - Income Tax

Voluntary Disclosure Of Income - Immunity - Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the cash credits of Rs. 19,692 in the account of Smt. Amrit Kaur in the books of the assessee for this year stood satisfactorily explained by the assessee in view of the disclosure made by Amrit Kaur under section 24(2) of the Finance (No. 2) Act of 1965? - the question referred has to be answered in the negative, i.e., in favour of the Revenue and against the assessee. We answer the question accordingly.

Summary

The High Court of Delhi ruled in favor of the Revenue regarding a cash credit issue of Rs. 19,692 in the account of Smt. Amrit Kaur for the assessment year 1967-68. The court referred to relevant legal precedents and overruled a previous decision in favor of the assessee. The addition made by the Assessing Officer was deemed valid.