1979 (3) TMI 100

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..... d to dispose of the appeals exparte on merits after hearing the departmental representative. The Revenue s common ground in all these appeals is that the AAC s order is contrary to the decision of the Gujarat High Court in 93 ITR 288 (Arivind Champklal Dhamanwala) (sic) and that the AAC has failed to note that the tax liabilities arising as a result of the voluntary disclosure of the concealed inc .....

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..... e value of certain assets in respect of the asst. yrs. 1972-73 to 1976-77. At that time the reassessments for the asst. yrs. 1962-63 and 1963-64 and the original assessments relating to the asst. yrs.. 1965-66 to 1976-77 were pending. The WTO completed the above pending assessments including therein the wealth declared under the Voluntary Disclosure of Income and Wealth Act, 1976. In the Wealth-ta .....

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..... account of concealed income disclosed by the assessee which rises for the first time under s. 68 of the Finance Act, 1965, cannot be deducted as a debt owed by him on the last day of the relevant accounting year in which such concealed income the assessee s net wealth. 4. We have considered the rival submissions. The AAC s order in favour of assessee is supported by a catena of judicial decision .....

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