Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 859 - HC - Income TaxDeclaration of voluntarily disclosed income - petitioner was not holding the assets on the date of declaration and it was declared invalid - Held that:- In the instant case, admittedly and undisputedly, the petitioner has not declared any jewellery towards undisclosed income, whereas he has stated that he had already sold jewellery and computation sheet of capital gains has been filed, therefore, the said clarification would not be applicable to the facts of the present case. There is no enabling provision in the VDIS, 1997 directing holding of assets included in the statement of capital gains on the date of declaration. Therefore, the reason assigned by the Assistant Commissioner of Income Tax rejecting the VDIS by the petitioner as invalid, is contrary to law and also contrary to the provisions of their own VDIS. Accordingly, it is quashed. The competent authority / respondents are directed to consider and accept the declaration as submitted by the petitioner under the VDIS, in accordance with law.
|