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TMI BlogClarificatory NoteX X X X Extracts X X X X X X X X Extracts X X X X ..... d the Act which replaced it was challenged in some writ petitions filed in the Supreme Court. These writ petitions were, however, dismissed by the Court on September 2, 1981. The sale of the Bonds has since been resumed with effect from December 1, 1981 and will continue uptil January 9, 1982. 4. In connection with the Special Bearer Bonds Scheme, several letters and articles have appeared in the Press. Suitable clarifications have been issued in the form of brochure and otherwise from time to time. The following further clarifications are issued for information : Question 1 : How does the Special Bearer Bonds Scheme affect taxation under the Income-tax, Wealth-tax and Gift-tax Acts? Answer : The Special Bearer Bonds Scheme is independen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, the nature and source of acquisition of the Bonds. This is, however, subject to the exceptions mentioned in section 3(2) of that Act. Question 5 : Can an inquiry or investigation be commenced against any person on the ground that he has subscribed to or has otherwise acquired the Bonds? Answer : No. Please see section 3(1)(b) of the Act. Question 6 : During the course of search under section 132 or survey under section 133A of the Income-tax Act, can the authorised officer inventorise the special bearer bonds that he may find on the premises? Answer : No. The subscription to or acquisition of the Bonds is not to be taken into account for the purposes of any proceeding under the Income-tax Act, the Wealth-tax Act and the Gift-tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alth-tax on Rs. 10 lakhs, because according to section 4(b) of the Act, no person who has subscribed to or has otherwise acquired the Bonds shall be entitled to claim, in relation to any period before the date of maturity of the Bonds, that any asset which is includible in his net wealth for any assessment year under the Wealth-tax Act has been converted into Bonds. Question 10 : If there is a credit in the books of account of an assessee and he explains the source of the credit as sale-proceeds of special bearer bonds, can this explanation be accepted? Answer : No. No person who has subscribed to or otherwise acquired the Bonds shall be entitled to claim, in relation to any period before the date of maturity of the Bonds, that any sum cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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