9911796707
TMI Blog1982 (5) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... rest chargeable under s. 139 and s. 217 of the Act may be waived or reduced. After that disclosure application, the ITO issued notices under s. 148 of the Act and pursuant thereto the assessee filed returns. The ITO made the assessments for these years on January 31, 1975. The details of income returned and assessed were as under : Assessment Income Income year returned assessed Rs. Rs. 1970-71 1,388 14,680 1971-72 28,585 29,542 1972-73 21,138 22,310 1973-74 16,386 17,150 It may be noted that the difference between the income returned and the income assessed was due to minor adjustments and some add-backs. The ITO also i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as it relates to the assessment years 1970-71 and 1971-72, and to decide it afresh in accordance with law and allow the relief as prayed for. There is no dispute in regard to facts. As noted above, the disclosure petition was in respect of four assessment years, viz., 1970-71 to 1973-74. The Commissioner has accepted the petitioner's contention that the disclosure was made voluntarily and in good faith in respect of these assessment years. Relief has not been allowed for the assessment years 1970-71 and 1971-72, for the reason that such disclosure can be made only through a valid return and since the returns for these years were filed beyond the time-limit prescribed under sub-ss. (1), (2) and (4) of s. 139 of the Act they were invalid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue of a notice to him under sub-section (2) of section 139, or where no such notice has been issued and the period for the issue of such notice has expired, prior to the issue of notice to him under section 148, voluntarily and in good faith made full and true disclosure of his income and has paid the tax on the income so disclosed ; and also has, in all the cases referred to in clauses (a), (b) and (c), co-operated in any enquiry relating to the assessment of his income and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. Explanation.-For the purposes of this sub-section, a person shall be de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and true disclosure of income can be made only in the return. It can be made by way of a petition and such is the disclosure contemplated by this provision. The main object of this provision is to facilitate voluntary disclosure of concealed income by holding out a temptation to the businessmen of giving reliefs against penalties and interest which they may have been liable to under the normal law. In Jakhodia Brothers v. CIT [1978] 115 ITR 61 (All), during the pendency of assessment proceedings of the petitioner-firm for the assessment years 1972-73 and 1973-74, the petitioner filed a disclosure petition on April 24, 1974, disclosing an amount of Rs. 1,25,000 to be assessed in five years from the year 1969-70 to 1973-74, in equal instalme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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