1983 (8) TMI 1 - SC - Income Tax

Voluntary Disclosure Scheme - held that there is nothing in s. 24 of Finance Act which prevents the ITO, if he were not satisfied with the explanation of the assessee about the genuineness of amounts found credited in his books, in spite of these having already been made the subject-matter of the declaration by the depositors/creditors, to include them as income of the assessee from undisclosed sources - held that provisions of Finance Act do not override I.T. Act -revenue s appeal allowed

Summary

The Supreme Court allowed the appeal, citing a previous decision that covered all aspects raised by the assessee. The Court ruled that immunity under the Voluntary Disclosure Scheme is only for declarants and does not extend to third parties. The Court also held that the Finance Act does not override the Income Tax Act. The High Court judgment was set aside, and the writ petition was dismissed with costs.