9911796707
TMI BlogDisclosure of income.X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income and Wealth Act, 1976) were to be made in Form 'A' the declarant was required to indicate respectively the amount of income declared and the assessment year(s) to which the income related. Where the voluntarily disclosed income related to more than one assessment year, income in respect of each assessment year was required, if possible, to be indicated separately (vide the relevant foot no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to have either left this column blank or stated as under :- (i) Past several years. (ii) Last ten years. (iii) All preceding years upto and inclusive of date of declaration. (iv) Many years. (v) 1975-76 onwards. (vi) Earned from time to time/year to year. (vii) Year-wise break-up not possible etc. The Receipt Audit is reported to have taken the view that as the declarations were m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 1976-77 onwards would fall outside the ambit of the Voluntary Disclosure of Income and Wealth Act, 1976, action should be taken to assess it to income-tax (and wealth-tax, if necessary) in the normal manner without any avoidable delay. 4. A number of instances were pointed out in para 47.3(vi) of the C AG's Report for the year 1976-77, in which although the assessment years to which the inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also unless on consideration of all the attendant circumstances including the assets representing the declared income, the Commissioner comes to a conclusion that a particular case is one of genuine error and the assessee in fact intended to declare income only for and upto the assessment year 1975-76, remedial action to bring to tax the income relating to assessment year 1976-77 and /or 1977-78 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation in this regard from all the Charges. This may now be furnished without further delay indicating the remedial action taken in each case. 5. It is evident that on the prescribed conditions being fulfilled, a certificate under section 8(2) of the Voluntary Disclosure of Income Wealth Act, 1976 can be issued only in regard to the income disclosed for and upto the assessment year 1975-76 fall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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