9911796707
TMI Blog2014 (7) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... ration under Section 13 2 of the Income Tax Act (for short hereinafter referred to as 'the Act') was conducted on 21.10.1997 in the case of Sri Kundanmal Babulal - the assessee at his residential premises at No.47, R.T. Street, Chickpet, Bangalore and also at his business premises at No.14, Devatha Market, Bangalore. Simultaneously, survey under Section 133A of the Act was conducted on 21.10.1997 at the business premises of his son Sri B. Praveen Kumar a t No.118, Devatha Market, Bangalore. 3. The assessee is trading in Sarees in proprietary concern in the name of M/s. B. Praveen Kumar at No. 14, Devatha Market, Bangalore. His son is also running a proprietary concern in the name of M/s. Prathik Creations at No.118, Devatha Market, Bangalo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the same. The said certificate was produced before the Assessing Authority. The Asses sing Authority ignoring the said certificate proceeded to assess the very income in respect of which certificate was issued under Section 68 of the VDIS Scheme as undisclosed income in the hands of the individual who is the member of the HUF and framed assessment order. Aggrieved by the said order, the assessee preferred an appeal to the Commissioner of Income Tax (Appeals). 5. The appellate Authority on careful examination of the entire material on record, held the Assessing Authority could not have assessed the income which was the subject matter of certificate in the hands of the individual and therefore, he set aside the order and allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted in the search conducted on 21.10.1997 cannot be brought to tax in the hands of the assessee in individual capacity as the assessee had declared part of the undisclosed income under VDIS which had been accepted by the Commissioner on 12.01.1998 in the status of HUF? (ii) Whether the Appellate Authorities were correct in not appreciating that the VDIS had been filed subsequent to search proceedings, which was not maintainable and by misrepresentation and by misleading the department the certificate under the VDIS in the status of HUF had been obtained when the assessee had not declared any income in such status for the assessment year 1995-96, 1996-97 and 1997-98 nor maintained any books, registration under the Sales Tax Act, or any ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject to the provisions of this Scheme, where any person makes, on or after the date of commencement of this Scheme but on or before the 31st day of December, 1997, a declaration in accordance with the provisions of Section 65 in respect of any income chargeable to tax under the Income-tax Act for any assessment year- (a) for which he has failed to furnish a return under Section 139 of the Income-tax Act; (b) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Scheme; (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the income-tax Act or to disclose fully and truly all material f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 66 or section 67. (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. 11. From the aforesaid provisions, it is clear, once a person files an application under Section 64 in accordance with the provisions of Section 65 in respect of any income chargeable to tax under the Act, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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