TMI Blog1999 (4) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... putation by the Department aggregating to Rs.53,054 in respect of the three years under consideration was justified?" Shri Vikram Gulati, appearing for the assessee, submits that since the assessee has made a disclosure of income under the Voluntary Disclosure of Income and Wealth Act, 1976, the issuance of notice under section 147(a) of the Income-tax Act, 1961 (in short referred to as "the Act"), is illegal and untenable and the reassessment made under the aforesaid provisions, should be declared void. For the purpose of this argument, we quote the following sections, viz., sections 3 and 8 of the Voluntary Disclosure of Income and Wealth Act, 1976, which are as under : "3. Charge of income-tax on voluntarily disclosed income.-(1) Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cement of this Act; (ii) where any books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to the person making the declaration under sub-section (1) (hereafter in this section, in sections 4 to 13 and in the schedule referred to as the declarant) have been seized as a result of any search under section 132 of the Income-tax Act or under section 37A of the Wealth-tax Act, the income in respect of the previous year in which such search was made or any earlier previous year. (3) In addition to the amount of income-tax to be paid under sub-section (1), the declarant shall invest a sum equal to five per cent. of the amount of the voluntarily disclosed income in such securities as the Centr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sclosed income shall not be included in the total income of the declarant for any assessment year under the Indian Income-tax Act, if the certain requisite conditions as mentioned under the relevant section are fulfilled. The aforesaid section is not a bar for reopening of the assessment under section 147(a) for voluntarily disclosed income which is made before the authority concerned, the said scheme is not a bar to issue notice under section 148 if the disclosure made was not total. If only part of the disclosure is made, in that event, the Income-tax Officer/authorities are entitled to issue notice under section 148 of the Act for making reassessment under section 147. In the facts and circumstances of the present case, it appears that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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