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Issues Involved: Challenge to notice u/s 158BC of the Income-tax Act, 1961 and entitlement to benefit under the Voluntary Disclosure Scheme, 1997.
Summary: The petitioner, engaged in business as an importer and shares dealer, challenged a notice u/s 158BC of the Income-tax Act, 1961, seeking to quash the notice and return the amount of Rs. 1,35,00,000. The petitioner disclosed this amount under the Voluntary Disclosure Scheme, 1997, but faced issues regarding the adjustment of tax from funds in a bank locker. The Revenue argued that a search u/s 132 revealed undisclosed income in the locker, leading to prohibitory orders. The petitioner claimed entitlement to Scheme benefits based on a Board member's opinion. However, the court found discrepancies in the disclosure timeline and search initiation, concluding that the petitioner failed to prove pre-search disclosure. The notice u/s 158BC was found valid as it didn't mention the disclosed amount specifically. 1. The petitioner failed to demonstrate pre-search disclosure of concealed income. 2. Search warrants issued were part of ongoing proceedings initiated earlier. 3. Section 64(2)(ii) pertains to concealed income, with proceedings initiated before disclosure. 4. Disclosure of father's concealed income post-search initiation was disallowed. 5. The notice u/s 158BC didn't specify the disclosed amount, focusing on block assessment years instead. The petition was dismissed for lack of merit.
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