Applicability of Sec 10 of CDS(ITP) Act, 1974.

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..... bsequent circular Nos. 432, 439, 440 and 441 dated 15.11.1985, issued by the Government, it has been made clear that those who declare higher income or wealth for assessment year 1986-87 will be assessed at normal rates applicable to this assessment year and will not be subjected to any penalty or prosecution or that their earlier assessments also will not be reopened on this ground alone. It has .....

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..... in making compulsory deposit. Keeping in view the special circumstances obtaining in the type of cases where income is declared suo-motu before 31-3-1986 pertaining to assessment year 1985-86 or earlier years in pursuance to the circulars referred to above, it could be held that the default was due to a reasonable cause. In such cases, therefore, penalty proceedings under section 10 of CDS (ITP) .....

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