9911796707
TMI Blog2000 (8) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... de to the net wealth of the assessee on account of disclosure of income-tax made by the firm in which she was a partner even though the provisions of the Voluntary Disclosure of Income and Wealth Act, 1976, with particular reference to section 13(2) read with section 8(1) of the said Act were not complied with and, as such, disclosure could not be accepted ?" The relevant assessment years are 1965-66 to 1969-70. The valuation date in each case was March 31 of the relevant year. The assessee is an individual. She was a partner in a partnership firm styled Gulab Singh Sethi and Sons. The said firm made a declaration under the provisions of the Voluntary Disclosure of Income and Wealth Act, 1976 (in short the "Voluntary Disclosure Act"), disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect of section 13(2) read with section 8(1) of the Voluntary Disclosure Act was not kept in view and the effect of non-compliance with the requirements and its consequential bearing on the declarations made were lost sight of. There was no appearance on behalf of the assessee in spite of service. The question referred in our opinion does not arise out of the order of the Tribunal. In fact, the Tribunal has concluded as follows : "The Revenue is aggrieved. Hence, these appeals. Learned Departmental Representative urged that in view of Jamna Prasad Kanhaiya Lal v. CIT [1981] 130 ITR 244 (SC), it is only the declarant who can be given the benefit of exemption and not any other party. In the present case, it was pointed out that it was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets as aforesaid, then there would be no room for including the impugned sum in the computation of the assessee individual partner's net wealth even by virtue of section 4(1)(b) read with rule 2, Wealth-tax Rules. In conclusion, we see no merit in the Revenue's appeals and no justification to disturb the Appellate Commissioner's finding. The Revenue fails." The question now raised does not appear to have been raised before the Tribunal, and, consequently, the Tribunal has not recorded any finding thereon. What was in issue before the Tribunal related to the effect of the Explanation to section 13(1). It was observed that the said provision made it clear that if the firm as per columns 4, 5 and 6 of entry No. 6 of Form-B of the voluntar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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