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Nawal Kishore Agrawal, S/o Jai Prakash Agrawal Versus Commissioner of Income Tax, Raipur (C.G.) , Union of India, Central Board of Direct Tax, Assistant Commissioner of Income Tax, Income Tax Officer Circle 1 (3) , Raipur (C.G.)

2017 (11) TMI 859 - CHHATTISGARH HIGH COURT

Declaration of voluntarily disclosed income - petitioner was not holding the assets on the date of declaration and it was declared invalid - Held that:- In the instant case, admittedly and undisputedly, the petitioner has not declared any jewellery towards undisclosed income, whereas he has stated that he had already sold jewellery and computation sheet of capital gains has been filed, therefore, the said clarification would not be applicable to the facts of the present case. There is no enablin .....

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dance 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. Naushina Ali, Advocate ORDER 1. The petitioner made a declaration of capital gains etc., under the Voluntary Disclosure of Income Scheme, 1997 (for short, 'VDIS') before the income tax authorities and also paid the requisite tax, but his declaration of VDIS was not accepted and it was rejected on th .....

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e writ petition as framed and filed is liable to be dismissed. 3. Learned counsel for the petitioner would submit that the petitioner had already sold gold and silver articles and utensils and therefore he has submitted the computation of capital gains and thus, the question of holding property on the date of making declaration does not arise, as he had submitted capital gains as on the date of declaration and there was no such condition in the VDIS to hold property on the date of declaration. T .....

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ese 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 entire material available on record with utmost circumspection. 6. The Volu .....

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to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Scheme; ....... then, notwithstanding anything contained in the Incometax Act or in any Finance Act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified hereunder, namely: ....... 7. A careful perusal of the aforesaid clause would show that disclosure can be made if .....

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osure 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 declarat .....

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