9911796707
TMI Blog1970 (5) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... The facts are shortly these : The petitioner is the well-known partnership firm of Aminchand Payarilal whose partners are Shree Satya Pal, Shree Jit Pal, Shree Swaraj Pal and Shree Surrendra Pal. The petitioner filed a disclosure petition before the Central Board of Direct Taxes on the 19th September, 1958, and in the course of the said disclosure proceedings the petitioner agreed that the income of the firm and its partners for the assessment years 1951-52 to 1958-59 may be taken at Rs. 1 crore which was to be paid in certain instalments. This was accepted by the Central Board of Revenue. For the assessment years 1959-60 and 1960-61 the petitioner's assessments were completed by the respondent No. 1, who included in the total income ver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account, if any, maintained by him for any source of income or in any other record, the amount declared as reduced by the tax paid thereon under this section. (b) A credit made under clause (a) shall be intimated to the Income-tax Officer. " Sub-section (7) provides that the Commissioner shall grant a certificate to every person who has made a declaration under that section and paid the income-tax under that section and such certificate shall set forth the particulars of the amount stated in the declaration, the amount of income-tax paid in respect of the same and the date of payment. On the introduction of the aforesaid scheme the petitioner made two disclosures, the first, on the 31st March, 1965, for a sum of Rs. 8,50,000 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as 1958-59 to 1963-64 financial years. Trouble arose between the petitioner and the assessing authority when assessments for the years 1960-61 to 1964-65 were sought to be made. The petitioner's contention was that, as declaration had been made covering this period under section 68 of the Finance Act of 1965, no further assessment in respect of these years was permissible. It was in this context that the two impugned letters were addressed by the respondent-Income-tax Officer to the petitioner. In the first of these, namely, the letter dated the 20th November, 1967, the respondent-Income-tax Officer stated that, whereas the petitioner's claim for examining the position of its income and accretion to wealth over the period of these six y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... letter dated the 28th November, 1967, the assessment for each year has to be done separately in accordance with law the statement of affairs being only one of the factors in this determination. " I have pointed out to Mr. Pal, the learned advocate for the petitioner, that it is not possible for me to accept his contention that since the hundi loans had been included in the disclosure petition, no assessment could be made in respect of such loans. All the concession that sub-section (6) of section 68 of the Finance Act, 1965, grants any person making a declaration under that section is that any amount so declared in respect of which tax is paid shall not be included in his total income for any assessment under the Income-tax Act provided h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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