1979 (3) TMI 100 - AT - Income Tax

Summary

The appeals by the Revenue were consolidated and disposed of together. The issue was regarding tax liabilities arising from voluntary disclosure of concealed income. The AAC allowed the deduction of income-tax and wealth-tax liabilities under the Voluntary Disclosure Act, which the WTO had rejected. The departmental representative relied on a Gujarat High Court decision, but the Tribunal upheld the AAC's decision based on previous judicial decisions. The Revenue's appeals were dismissed.