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TMI BlogCredit of the amount declared u/s 3(1), VD Act 1976.X X X X Extracts X X X X X X X X Extracts X X X X ..... the declarant has to send an intimation to the Income-tax Officer regarding the credit of the amount declared in his books of account or any other record. Can the Income-tax records, say, in the Assessment Folder or should he keep it in his personal custody? Answer-A confidential register should be maintained by each Income-tax Officer giving the particulars of such intimations received by him. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the separate confidential folder maintained for the purpose. A note under the Income-tax Officer's signature giving particulars of the income some excluded should be placed in the confidential folder referred to in answer to question (1) above; necessary entry under the ITO's dated initials being made on that folder's order sheet. 3. Question- Is any verification envisaged at the time of is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of 30 days from the date of declaration and /or payment of tax beyond the time allowed by the Commissioner invalidate the declaration? Answer- No. 5. Question- Whether it is necessary to initiate proceedings for assessment or re-assessment to cover income/wealth declared u/s 14(1)/15(1)? What about assessment years beyond the time bar? Answer- A declaration u/s 14(1) may relate to an asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment, as the case may be, of the amount declared, in so far as it is permissible under the law. Even for the assessment years for which it is not possible to initiate proceedings because of the time bar, the declarant will remain entitled to the immunities available under the Act, provided he has satisfied the prescribed conditions. The above position will apply, mutatis mutandis, in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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