TMI BlogDeclarations made u/s 3(1) Income - Tax Act, 1961.X X X X Extracts X X X X X X X X Extracts X X X X ..... luntarily disclosed income and specified in a declarations made u/s 3(1) of the said Act are entitled to exemption from wealth-tax for and upto the assessment year 1975-76. This exemption is available on due payment of income-tax, investment in 5-3/4% Bonds, 1985 and intimation of the necessary adjustment in books of account etc. to the concerned Income-tax Officer as stipulated Section 8 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings for and from the assessment year 1976-77, and/or on the disposal of the said assets by the declarant, profit/capital gains realised thereby are duly assessed. Further, if the declarant is not an existing assessee and the nature and value of assets specified in the declaration justify his being taken on the record of the Department, it should be possible to do so even if the declarant omits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... begin with to declarations in which the income disclosed exceeds Rs.50,000. The I.T.O/W.T.O. concerned should keep the copies of the statements in a separate confidential cover in his personal custody with a list of the assessees to whom the statements pertain. 5. The I.T.O./W.T.O. should scrutinise copy of each statements received by him with a view to: (i) satisfy himself with reference to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... site return of income/wealth. 6. It is to be emphasised that the object of the procedure prescribed above is only to see that the persons concerned pay the due taxes in future. Care should be taken in this connection that there is no breach of any of the assurances given under the Voluntary Disclosure Scheme, 1975, and that, in particular, no roving enquiries are now launched, on the basis of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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