TMI Blog1994 (1) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the assessee-company for the assessment year 1984-85. For this year, the assesseecompany originally filed a return on June 28, 1984, showing a loss of Rs.23,280. Subsequently, on March 31, 1987, the assessee-company filed a revised return showing a total income of Rs. 7,26,720 under the circular issued by the Central Board of Direct Taxes for declaration of higher income and/or wealth more popularly known as the Amnesty Scheme. While completing the income-tax assessment for the said assessment year, the Assessing Officer charged interest under section 217 of the said Act. The assessee filed an appeal before the Commissioner of Income-tax (Appeals) and urged that charging of interest under section 217 of the said Act for the said year w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29, 1986, wherein the Central Board of Direct Taxes had clearly directed all Chief Commissioners (Administration)/Commissioner of Income-tax, inter alia, as under : Subject : Clarification regarding instructions and circulars issued by the Board on declaration of higher income or wealth under the Amnesty Scheme. Board's attention has been drawn to certain questions relating to cases of returns covered under the various circulars issued from time to time regarding declaration of higher income or wealth. The following clarifications are hereby issued on these points : (i) A doubt has arisen in some quarters on the point as to whether in the cases of old assessees, a belated return filed for the first time under section 139(4) or in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainly binding on the income-tax authorities. This point is fairly settled by several decisions of the Supreme Court as well as of the High Courts throughout the country including this court. We have considered the rival contentions. It is an undisputed fact in this case that the revised return with reference to which the assessment of the assessee-company was completed by the Assessing Officer was, in fact, filed under the Amnesty Scheme. It is also an undisputed fact that the Income-tax Officer has himself applied one part of the instructions issued by the Central Board of Direct Taxes under the said scheme wherein it had made clear that no penalty proceedings should be initiated where higher income and/or wealth is disclosed through a r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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