TMI Blog1999 (11) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... l 30, 1986, relevant to the assessment year 1987-88 represented the amount offered for assessment under the amnesty scheme for the earlier years in respect of understatement of stock as corrected and included in the value of closing stock as on April 30, 1986 ? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in admitting the redrafted trading and profit and loss account for the year ended April 30, 1986 ; the description of which was changed by the assessee in accordance with his plea that the income declared under the amnesty scheme for the assessment years 1984-85 to 1986-87 was with respect to understatement of stock ? 3. Whether, on the facts and in the circumstances of the case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee's explanation was that the aforesaid amount offered for assessment under the amnesty scheme was corroborated and included in the value of closing stock as on April 30, 1986. Such plea was not accepted by the Assessing Officer who also did not accept the explanation that the additional stock representing income declared was included in the accounts only in the year ended April 30, 1986. The assessee preferred an appeal before the Commissioner of Income-tax (Appeals) (in short "the CIT (A)"). Before the said authority, it was submitted that under the provisions of the amnesty scheme,, it was under no obligation to satisfy the manner or form in which the additional income offered for assessment was held by it. It was also indicated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e were stated specifically as stocks in the years ended on April 30, 1983, April 30, 1984 and April 30, 1985. The change in the description is in accordance with the plea of the assessee that the income declared under the amnesty scheme for the assessment years in question was in respect of understatement of stock. Besides such understated stocks have been duly reflected by entries in the journal. The Revenue's stand was that in the revised returns filed with the Department for the assessment years 1984 85, 1985-86 and 1986-87, there is no mention about any understatement of stocks. Therefore, it was pleaded that the plea of the assessee should be dismissed as a convenient afterthought. The Tribunal noticed that in the petition dated July 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessee submitted that the case of the assessee was not dealt with by the Assessing Officer and the first appellate authority in the proper perspective. In any event, the Tribunal has come to a conclusion on the facts after analysing the factual position and, therefore, no question of law arises. For appreciating the rival submissions, it is relevant to take note of certain factual aspects highlighted by the assessee. The Tribunal has noticed that in or around October, 1985, the assessee submitted a proposal before the Commissioner of Income-tax for declaration of higher income under the amnesty scheme for a total amount of Rs. 60 lakhs and pleaded for its consideration for the assessment years 1983-84 to 1987-88. Pursuant to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e had escaped assessment which necessitated disclosure under the amnesty scheme. The Tribunal has referred to Form No. A under rule 3 of the Voluntary Disclosure Scheme, 1975, where in serial No. 5 certain details were required to be given. It compared relevant details which were required to be given under the said scheme and the amnesty scheme. Reference was also made to Circular No. 423, dated June 26, 1985, and Nos. 432, 439, 440 and 441, dated November 15, 1985, more particularly question No. 31 and the answer thereto which read as follows : "(Q) If an assessee has declared income, would he be required to give evidence of entries in the books of account, etc. ? (A) He would be well advised to do so." Obviously, till the clarificat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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