TMI Blog2017 (11) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... present case. There is no enabling provision in the VDIS, 1997 directing holding of assets included in the statement of capital gains on the date of declaration. Therefore, the reason assigned by the Assistant Commissioner of Income Tax rejecting the VDIS by the petitioner as invalid, is contrary to law and also contrary to the provisions of their own VDIS. Accordingly, it is quashed. The competent authority / respondents are directed to consider and accept the declaration as submitted by the petitioner under the VDIS, in accordance with law. - Writ Petition No. 1825 of 2004 - - - Dated:- 8-11-2017 - Hon'ble Shri Justice Sanjay K. Agrawal For the Petitioner : Mr. Siddharth Dubey, Advocate For the Respondents : Mrs. Naushin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y on the date of declaration. 4. Learned counsel for the respondents would support the impugned order and would submit that in the clarification issued by the Central Board of Direct Taxes (CBDT) it has clearly been stated that ... where declarants have declared jewellery but have also claimed that they has sold these prior to the date of declaration. According to the scheme, the declarant has to declare the asset that he holds at the time of making the declaration . Therefore, the petitioner's declaration was contrary to the provisions of the Scheme and it has rightly been declared invalid by the income tax authorities. 5. I have heard learned counsel for the parties and considered their rival submissions and also perused the en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l gains in which he has stated that he had already sold gold and silver articles and utensils, as such, it is a disclosure of the amount received on account of sale of those assets and the computation of capital gains has been filed while making declaration under Section 65 of the Finance Act, 1997, whereas the CBDT clarification dated 16-10-1997 provides as under: - WHERE DECLARED JEWELLERY TO CLAIMED TO HAVE BEEN SOLD : DO NO 3965/M/INV.-VDIS/97, DATED 16-10-1997 Instances have come to notice where declarants have declared jewellery but have also claimed that they has sold these prior to the date of declaration. According to the scheme, the declarant has to declare the asset that he holds at the time of making the declara ..... X X X X Extracts X X X X X X X X Extracts X X X X
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