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2015 (8) TMI 991 - HC - Income TaxIncome earned from export of exhibition rights of cinematographic films - whether would not constitute undisclosed income as per Section 158B(b) as the said amount has been declared in the regular return of income for the assessment year 1994-95 filed belatedly as held by ITAT - Held that:- In the present case, the disclosure by the assessee had been made to the Department by way of a disclosure under the Scheme (VDIS) of the respondent as well as by its communication dated 20.08.1998 and also the return of income filed by the assessee on the same date, which was duly acknowledged by the Department and hence it cannot be said that there was no disclosure of such income made by the assessee prior to the search conducted by the Department. Such income of the assessee which had not been disclosed and was found during the search conducted at its premises to have been earned by the assessee would certainly attract the provisions of the Chapter XIV-B. However, if there was information of such income already given by the assessee to the Department much prior to conduct of the search, as is so in the present case, the same cannot be termed as undisclosed income. It is not disputed by either of the parties that search was conducted by the Department on 29.05.2001, whereas disclosure by way of information or by way of filing of the return of income (both on 20.08.1998) was already there with the Department, which was given by the assessee nearly three years prior to the search. In fact, it was that very communication of the assessee dated 20.08.1998 which was the basis on which the Department claims the said income to be an undisclosed income. We cannot thus accept the situation where the very communication of the assessee disclosing certain information regarding its income to the Department itself is treated as undisclosed income of the assessee, attracting the provisions of Chapter XIV-B of the Act. - Decided in favour of assessee.
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