TMI Blog2013 (5) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... ce has been made inadmissible in evidence in any proceeding it shows the intention of legislature to provide the complete immunity to the recipient from inquiry. The Central Board of Direct Taxes has also issued a circular no.611 dated 30th September, 1991 prefaced with the remark that the identity of the NRI/OCB would not be required to be disclosed at all, and, in fact, must not be disclosed.Thus immunity granted by ITAT was absolute - in favour of assessee. - Income Tax Appeal No. -74 of 2000 - - - Dated:- 1-4-2013 - Prakash Krishna And Ram Surat Ram (Maurya),JJ. For the Petitioner : Shambhu Chopra,A. Kumar,A. N. Mahajan,B. J. Agarwal,D. Awasthi,G. Krishna, R. K. Upadhyay For the Respondent : S. K. Garg, Amit Shukla, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to show that, as a matter of fact, the sums in dispute were received under the said Act. Consequently, he made additions in the income of the assessee by rejecting the explanation. The Appellate Authority although by its order dated 14th of December, 1992 allowed the appeal in part but the aforesaid contention of the assessee was rejected. The assessee carried the matter further in appeal before the Tribunal and the Tribunal has allowed the appeal by granting substantial relief to the assessee except in respect of one remittance which was, admittedly, received after the cut off date as provided under the Act. The above appeal has been admitted on the following substantial questions of law:- 1. Whether on the facts and in the circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the scheme of the Act as also the speech made by the Finance Minister while introducing the Act in Parliament and the departmental circular issued, it is evident that the immunity granted is absolute and no inquiry or investigation can be made with regard to the such remittances. Considered the respective submissions of the learned counsel for the parties and perused the record. Section 3 of the Act which is relevant for our purposes is reproduced below:- "3. Immunities - (1) Notwithstanding anything contained in any other law for the time being in force - (a) no recipient who claims immunity under this chapter in accordance with such scheme as the Reserve Bank of India may, by notification in the official gazette, specify for the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntention of legislature to provide the complete immunity to the recipient from inquiry. At this juncture, the speech of Finance Minister while introducing the above Act in the Parliament is also a relevant factor. The object and purpose of the enactment of the Act, as stated by the Finance Minister is to increase remittance of foreign exchange in India. The Central Board of Direct Taxes has also issued a circular no.611 dated 30th September, 1991 which contains an explanatory note with reference to the aforesaid Act. The said circular is prefaced with the remark that in the speech while presenting the Union Budget for the year 1991-1992, the Finance Minister had, inter alia, announced the factum of two schemes to attract larger flow of fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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