Effect of higher income estimates/shown for assessment year 1986-87, in relation to assessment for later years-Clarification regarding

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..... at the "amnesty" offered by the Government in terms of the following circulars expired on March 31, 1986. Circular No. 423 dated 26-6-1985 : See [1985] 155 ITR (St.) 45. Circular No. 432 dated 15-11-1985 : See [1985] 156 ITR (St.) 162. Circular No. 439 dated 15-11-1985 : See [1985] 156 ITR (St.) 163. Circular No. 440 dated 15-11-1985 : See [1985] 156 ITR (St.) 164. Circular No. 441 dated .....

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..... ting to the assessment year 1986-87 or earlier. 2. So far as the assessment year 1986-87 is concerned, the disclosure of the true income and wealth in the income-tax and wealth-tax returns and the prompt payment of taxes due on the same under section 140A of the Income-tax Act and/or section 15B of the Wealth-tax Act will entitle the taxpayer to immunity from penalty and prosecution. It may be n .....

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