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TMI Blog2016 (7) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... r that while estimating the business income of the assessee, the Assessing Officer has not given any reference of household expenditure, telephone expenditure and investment in household goods. Therefore in the absence of any tangible material to show that the assessee has incurred the expenditure to the extent of ₹ 3 lakhs, the estimation made by the Assessing Officer is only a guess work without supporting evidence. Since the assessee has already declared a sum of ₹ 3,20,000 under VDIS, 1997, therefore to the extent of said sum, no addition can be made as per the provisions of section 68 of the said scheme. In the facts and circumstances of the case and in view of the declaration of ₹ 3,20,000 as income under the VDIS, 1997 for the year under consideration, we delete the addition made by the Assessing Officer - Decided in favour of assessee. Unexplained cash credit under Section 68 - Held that:- There is no dispute that the assessee declared total cash of ₹ 1,57,500 comprising of ₹ 67,500 for the Assessment Year 1996-97 and ₹ 90,000 for the Assessment Year 1997-98. Therefore the cash in the bank account of the assessee to the extent of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determining the income of the Appellant from the Brick Business at ₹ 3,OO,OOOj- with complete disregard to the facts of the case and as such the impugned order is liable to set aside. 5. The Learned Appellate Commissioner erred is upholding impugned order of assessment made by the Learned Respondent Officer which is illegal and unlawful and as such is liable to set aside. 6. That the impugned levy of interest of ₹ 1,36,085 u/s. 234A is liable to set aside in so far as the appellant is not liable there for. 7. That the impugned levy of interest of ₹ 1,43,585 u/s.234B is liable to set aside in so far as the appellant is not liable there for. 3. The only issue raised by the assessee for the A.Y. 1996-97 is regarding addition made by the Assessing Officer by estimating the business income of the assessee at ₹ 3 lakhs without giving credit for the declaration made under the Voluntary Disclosure of Income Scheme (in short VDIS ), 1997. In this case, a notice under Section 148 of the Income Tax Act, 1961 (in short 'the Act') was issued as the assessee did not file any return of income. The Assessing Officer noted that despite various opport ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id declaration made. 5. On the other hand, the learned Departmental Representative has submitted that in the VDIS, the assessee has declared income in respect of the investment in the land, motor cycle and cash whereas the Assessing Officer has made the addition on account of the household expenditure and investment in the household goods. Thus the learned Departmental Representative has submitted that no credit can be given of the income declared in the VDIS when the addition made by the Assessing Officer is not in respect of the investment which is declared in the VDIS. 6. We have heard the rival submissions as well as considered the relevant material on record. We find that the CIT (Appeals) has denied the benefit of declaration in the VDIS, 1997 on the ground that the assessee has failed to furnish the certificate issued by the competent authority under Section 68 (2) of VDIS, 1997. It is pertinent to note that the assessee disclosed the income under the VDIS,1997 by making an application vide acknowledgment dt.29.12.1997 duly issued by the department. The fact of filing the application and disclosure of income under VDIS, 1997 has not been disputed by the department. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come not to be included in the total income -- (1) The amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under the Income Tax Act, if the following conditions are fulfilled namely :- (i) the declarant credits such amount in the books of account, if any, maintained by him for any source of income or in any other record, and intimates the credit so made to the Assessing Officer; and (ii) the income tax in respect of the voluntarily disclosed income is paid by the declarant within the time specified in section 65 or section 66. (2) The Commissioner shall, on an application made by the declarant, grant a certificate to him setting forth the particulars of the voluntarily disclosed income and the amount of income tax paid in respect of the same. In the facts and circumstances of the case and in view of the declaration of ₹ 3,20,000 as income under the VDIS, 1997 for the year under consideration, we delete the addition made by the Assessing Officer of ₹ 3 lakhs. 7. For the Assessment Year 1998-99, the assessee has raised the following grounds :- 1. The impugned or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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