9911796707
TMI Blog2011 (11) TMI 441X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial year 1997-98, the assessee admittedly did not file a proper application under the V.D.I, scheme or remitted the tax on the due date - the income disclosed is nothing but cash and gold held by the assessee - The unexplained cash and gold are assessable under Section 69A in the assessment year relevant for the previous year in which disclosure is made which in this case is 1998-99 as the di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excess maintained in the capital account. According to assessee, there was omission to pay tax for several years and, therefore, he filed a declaration under the Voluntary Disclosure of Income Scheme, 1997. Even though income was accounted for six years prior to the financial year 1997-98, the assessee admittedly did not file a proper application under the V.D.I, scheme or remitted the tax on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt the disclosure made by the assessee which was for six years prior to the financial year 1997-98. According to Senior counsel, when assessment is made based on disclosure made by the assessee, the assessment should be in terms of the disclosure so made i.e., declaration of income for six financial years including financial year 1997-98. Senior counsel has also referred to decision of the Madhy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31.12.1997. We, therefore, notice that the assessment under Section 147 read with Section 69A of the Income Tax Act is perfectly in order. Even though Tribunal's order is not rendered on the right reasons, we uphold the order for the reasons above stated. It is seen that penalty proceeding under Section 271(1C) is separately initiated besides demanding interest. We feel there is no scope for penal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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