1981 (7) TMI 105

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..... 990 2. 1969-70 10,868 3,718 3. 1970-71 9,516 129 4. 1971-72 3,761 202 5. 1972-73 10,382 1,759 However, as a result of the assessment of the firm in which the assessee was a partner and set off of the share of losses, the income of the assessee ultimately worked out a nil figure. The ITO, however, held that the assessee was not entitled for any refund because there was neither any provision for setting off the losses against the income disclosed under that Ordinance nor for refund of taxes paid thereunder. 2. The assessee went up in appeal to the AAC and the main contention raised on its behalf was that there was no restriction against g .....

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..... paid in pursuance of a declaration made under sub-s. (1) of s. 3 shall not be refundable under any circumstances. Obviously, the intention of the framers of the Act could not be that s. 10 would apply to disclosures made under any of the provisions of the Act, even though they were in accordance with the provisions found in the later sections. Now it is the case of the Department itself that a declaration regarding the income can also be made under sub-s. (1) of s. 14 of the Voluntary Disclosure of Income Wealth Act. Such a contingency would arise where any books of account, documents, money, bullion, jewellery or other valuable articles or things had been seized as a result of search u/s 132 of the IT Act or s. 37A of the WT Act. This pr .....

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..... to the present refunds otherwise. On behalf of the assessee this position was not seriously disputed, but it was contended that the matter had already been taken up in Reference before the High Court and as a result thereof the Tribunal's orders passed in case of the firm might be modified and the assessee may ultimately be entitled to some refunds. We only need to say that at present we are not deciding the final fate of the present refunds. All that we are holding is that if the assessee is ultimately found entitled to any refunds as a result of the ultimate decision in the case of the firm the provisions of s. 9 or 10 of the Voluntary Disclosure of Income Wealth Ordinance, 1975 would not stand in his way for the reasons discussed above .....

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