Clarification - Voluntary Disclosure of Income and Wealth (Amendment) Ordinance, 1975

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..... queries made and clarifications given which are likely to be of more than local interest, are as follows: (1) Question- Where a person declares any assets in form 'A' acquired in a particular year, what amount has to be declared in column No. 6 Whether the acquisition price of the assets to the assessee or the market value as on the date of the declaration will the year of acquisition as mention .....

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..... ration u/s 3(1) of the Ordinance? Answer- He can, provided the conditions prescribed u/s 3 of the Ordinance are satisfied. (3) Question- In a case where a search had been ordered u/s 132 but no books and valuables were seized, can the assessee make a disclosure u/s 3(1) of the Ordinance? Answer- Since no seizure was effected, a disclosure u/s 3(1) can be made. (4) Question- In a case in which .....

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..... ssessment made before 8-10-1975, but which has been set aside on or after that date? The answer given vide item (vii) of the Board's Circular No. 181 dated 25-10-1975 is 'Yes'. Will the answer apply to cases which fall u/s 14(1)? The doubt arises because of the bar specifically put into section 14(7), and its possible interpretation and the absence of such a provision u/s 3. Answer- Yes. "Assess .....

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