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Issues: Challenge to order under Voluntary Disclosure of Income Scheme, 1997 regarding valuation of gold ginnis acquired at marriage for assessment year 1963-64.
Analysis: The petitioner challenged an order under the Voluntary Disclosure of Income Scheme, 1997, regarding the valuation of 110 gold ginnis acquired at the time of marriage on July 11, 1959, for the assessment year 1963-64. The petitioner sought a certificate under the VDI Scheme, 1997, but it was refused by respondent No. 2, CIT, Bhopal, on the grounds that the valuation of the gold ornaments was not in accordance with the provisions of the Scheme. The petitioner argued that the gold ginnis acquired at the time of her marriage in 1959 could be considered for the certificate under the VDI Scheme, 1997. However, the respondents contended that the valuation was done on April 1, 1962, and the gold ginnis were received as gifts at the time of marriage, not as income acquired prior to the VDI Scheme, 1997. The court analyzed the provisions of the Finance Act, 1997, specifically Chapter IV for the VDI Scheme, 1997, and noted that section 64 dealt with the charge of tax on voluntarily disclosed income. The court observed that the definition of "income" under the Income-tax Act, 1961 did not cover the receipt of cash or coin at the time of marriage by the spouse. Therefore, the receipt of 110 gold ginnis by the petitioner at the time of her marriage would not fall within the definition of "income" for which a return could not be filed under section 139 of the Income-tax Act. The court further explained that the receipt of the gold ginnis could be considered a gift received at the time of marriage, which is not included in the definition of income under the VDI Scheme, 1997. Ultimately, the court held that the petitioner was not entitled to consideration of her claim under the provisions of the VDI Scheme, 1997. The petition was dismissed with no orders as to costs, based on the interpretation of the relevant legal provisions and the nature of the gold ginnis received by the petitioner at the time of her marriage.
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