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2024 (2) TMI 1234 - ITAT CHENNAIAddition of income declared by assessee under Voluntary Disclosure of Income Scheme, 1997 (VDIS, 1997’) - Relevant year of assessment - HELD THAT:- The fact that VDIS-97 of the assessee was not considered due to the fact that payment was made beyond the time limit prescribed under the scheme. Question in addition of the investment would arise the year of liability is to be determined included investments/purchases/ expenditure for the financial year 1997-98 relevant to assessment year 1998-99 for invoking the provisions of Section 68 of the Act. We noted none of the authorities below have brought out anywhere in the orders that the investments are made in financial year 1997-98 relevant to assessment year 1998-99, whereas assessee has tried to establish the fact that the investments related to earlier assessment years i.e from 1991-92 to 1997-98. We do not agree with the findings of the lower authorities that investments/ purchases/ expenditure were made in the financial year 1997-98 relevant to assessment year 1998-99 except amount declared under VDIS 97 on 26.12.1997. Assessee already tried to establish the fact that these investments were pertaining to previous assessments years 1991-92 to 1997-98. Hence, in our view addition made in the assessment year 1998- 1999 cannot be sustained and accordingly, we delete the addition. This issue of the assessee is allowed. Assessment of income from house property - ALV determination - CIT(A) has given directions to the assessee as well as the AO to adopt annual letting value on the basis of Municipal valuation adopted by Chennai Corporation for rising the rental value - HELD THAT:- We find no infirmity in the findings of the ld. CIT(A) and further direct the AO to adopt the municipal value adopted by Chennai Corporation for assessing rental value. This issue raised by the assessee is dismissed as per above direction. Charging of interest u/s. 234A, 234B and 234C - We find no infirmity in the order of the ld. CIT(A) and direct the AO to charge interest as per the provisions of the Act. This issue raised by the assessee stands dismissed.
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