1997 (10) TMI 3

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..... In this special leave petition filed against the judgment of the Bombay High Court (see [ 1997] 228 ITR 68), the petitioners are seeking to challenge the validity of the Voluntary Disclosure of Income Scheme, 1997 (VDIS). The High Court in an elaborate judgment has dealt with the various submissions made assailing the constitutional validity of the Scheme. We are in agreement with the said view .....

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..... ed then the assessee is liable to the following : (i) tax at the rate of 60 per cent; (ii) penalty which can be up to 300 per cent. on the tax evaded; (iii) interest under section 158BFA. 3. In addition, the Finance Minister has announced that in every case of detection of undisclosed income, prosecution will be launched. The relevant provisions are in Chapter XXII of the Income-tax Act. .....

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