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2012 (9) TMI 398 - HC - Income TaxNon depositing of tax in connection with VDIS declaration within prescribed time - Held that: - The frame of VDIS has been such that per Section 66 ibid., the declaration itself was required to be accompanied by the proof of payment of the tax payable in respect of the voluntarily disclosed income - Section 67 had given a latitude only to the extent that the declarant may file the declaration and then, pay the tax within three months from the date of filing of the declaration with simple interest @ 2% per every month or part thereof as comprised in the period beginning from the date of filing of the declaration and ending on the date of payment of tax. In fact, any date beyond the last day of the third month from the date of filing of the declaration cannot be considered available for making payment for the very specific and clear phraseology of Section 67 whereby even the proof of payment has to be supplied within the said period of three months. Then, in sub-section (2) of Section 67, the result of default in payment of tax before the expiry of three months from the date of filing of the declaration is also given that the declaration shall be deemed never to have been made. The submission as attempted by the assessee for counting the period of three months step by step and then, referring to the fact that the month of February had 28 days has a fundamental fallacy in it. It is the period of three months that is relevant for the purpose of Section 67 ibid. and not the number of days in such months. When the declaration was made on on a simple computation, the last day of the third month therefrom expired on 30.03.1998. The deposit as made on even if delayed by one day, cannot be taken as a valid deposit for the purpose of the Scheme - against assessee.
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