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2003 (5) TMI 54 - KARNATAKA HIGH COURTVoluntary Disclosure of Income Scheme, 1997 - The petitioner submitted an application under section 65(1) in respect of the scheme, the petitioner claimed depreciation on machinery and cast iron moulds and gas cylinders. A search under section 132 of the Income-tax Act was carried out in the business premises of Mega Gas Pvt. Ltd., on March 6, 1996, and it was concluded on May 22, 1996. During the search proceedings it was detected by the Department that DDK Industries, Bangalore, from whom the petitioners claimed to have purchased the cylinders is a non-existent entity. - Respondents in terms of section 64(2)(ii) of the Scheme and in the light of an answer to question No. 29, decided to cancel the certificate issued under section 68(2) of the Scheme. Notice was issued in terms of annexure C calling for objections. Objections were filed in terms of annexure D. After considering the objections, the respondents cancelled the certificate in terms of annexure E. Thereafter they have issued annexures F, F1 and F2, notices under section 148. Those notices provide for an escaped assessment in terms of section 147. These proceedings are challenged by the petitioner. - I am unable to accept the arguments of the petitioner. The petition stands rejected.
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