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TMI Blog1998 (8) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner on the ground that the disclosure of income relating to the assessment year 1961-62 cannot be treated as valid under the Scheme. The petitioner represented against this decision but failed to convince the respondent to change his decision. Therefore, she has invoked the writ jurisdiction of this court for quashing annexures P-3 and P-5 and also for directing the respondent to issue a certificate to her under section 68(2) of the 1997 Act. Smt. Lajwanti who has filed a Civil Writ Petition No. 12396 of 1998, for grant of similar relief, made a declaration of 962 gold coins priced at Rs. 1,01,010 and silver utensils weighing 126 kilograms valued Rs. 25,465. She paid Rs. 30,000 as tax and Rs. 1,200 as interest. Her request for issuance of certificate under section 68(2) of the 1997 Act has also been declined. Kundan Lal Bansal who is the petitioner in the third petition made a declaration of 532 gold coins and 23 kilograms silver utensils valued at about Rs. 62,500. He deposited tax amounting to Rs. 18,075. His request for issuance of certificate under section 68(2) of the 1997 Act has been declined by the respondent on the ground that the provisions of the Scheme are not appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untarily disclosed income.-(1) Subject 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 facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the Income-tax Act or in any Finance Act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified hereunder, namely :--- (i) in the case of a declarant, being a company or a firm, at the rate of 35 per cent. of the vol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year. Explanation l.-Production before the Assessing officer of account books or other evidence from which material evidence could, with due diligence, have been discovered by the Assessing officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. Explanation 2.-For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely :--- (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax ; (b) where a return of income has been furnished by the assessee but no assessment has been made and it is noticed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not been passed ; (d) where in respect of any assessment year after the year ending on the 31st day of March, 1940,--- (i) a notice under section 34 of the repealed Act had been issued before the commencement of this Act, the proceedings in pursuance of such notice may be continued and disposed of as if this Act had not been passed ; (ii) any income chargeable to tax had escaped assessment within the meaning of that expression in section 147 and no proceedings under section 34 of the repealed Act in respect of any such income are pending at the commencement of this Act, a notice under section 148 may, subject to the provisions contained in section 149 or section 150, be issued with respect to that assessment year and all the provisions of this Act shall apply accordingly ; ... (f) any proceeding for the imposition of a penalty in respect of any assessment completed before the 1st day of April, 1962, may be initiated and any such penalty may be imposed as if this Act had not been passed ; (g) any proceeding for the imposition of a penalty in respect of any assessment for the year ending on the 31st day of March, 1962, or any earlier year, which is completed on or after the 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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