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TMI BlogClarification - Voluntary Disclosure of Income and Wealth (Amendment) Ordinance, 1975X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax. Some of the queries made and clarifications given which are likely to be of more than local interest, are as follows: (1) Question- Where a person declares any assets in form 'A' acquired in a particular year, what amount has to be declared in column No. 6 Whether the acquisition price of the assets to the assessee or the market value as on the date of the declaration will the year of acq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1961, file a declaration u/s 3(1) of the Ordinance? Answer- He can, provided the conditions prescribed u/s 3 of the Ordinance are satisfied. (3) Question- In a case where a search had been ordered u/s 132 but no books and valuables were seized, can the assessee make a disclosure u/s 3(1) of the Ordinance? Answer- Since no seizure was effected, a disclosure u/s 3(1) can be made. (4) Que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... return has been filed and assessment made before 8-10-1975, but which has been set aside on or after that date? The answer given vide item (vii) of the Board's Circular No. 181 dated 25-10-1975 is 'Yes'. Will the answer apply to cases which fall u/s 14(1)? The doubt arises because of the bar specifically put into section 14(7), and its possible interpretation and the absence of such a provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should bear a running serial number and their office copies should be kept in safe custody by the Commissioner. 3. The Voluntary Disclosure of Income and Wealth (Amendment) Ordinance, 1975 has been promulgated on 29th November, 1975. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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