VDI and Wealth Act, 1976-Sec. 14(1) & 15(1). - Income Tax - 1369/CBDT

INSTRUCTION NO. 1369/CBDT Dated: December 17, 1980 The following issues which have arisen in respect of declarations made u/s.14(1) and 15(1) of the Voluntary Disclosure of Income and Wealth Act, 1976 were considered and to obviate genuine hardships steps as under have been taken by the government. i) Declarants who paid the full tax by 31-3-77 but not in strict conformity with the process outlines in sec.5(2) of the Act. Cases in which full payment of taxes had been made on or before 31st March 1977 but not strictly in accordance with the provisions of sec.5(2) of the Act in that either the declarants had not made an application to the Commissioner for time for payment of taxes or the declarants had made the application to the Commissioner but the time was not extended because adequate security was not furnished or for any other reason. In such cases since sec.14(5A)/15(5A) refers to a declarant who has not paid in accordance with the provisions of sec.5 strict legal view would deprive the declarants of the immunity provided u/s.14/15 unless the interest as required u/s.14(5A)/15(5A) has also been paid before 1st January 1978.