TMI Blog1993 (10) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was right in holding that the assessee was entitled to depreciation in respect of the building, Rambagh Palace ? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the finding of the Commissioner of Income-tax (Appeals) that the declaration was legally made under section 3 of the Voluntary Disclosure of Income and Wealth Ordinance, 1975 ? (4) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the finding of the Commissioner of Income-tax (Appeals) that in view of section 8(1) of the Voluntary Disclosure of Income and Wealth Ordinance, 1975, the amount of voluntarily disclosed income of Rs. 2,32,829 shall not be included in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Amber Corporation [1981] 127 ITR 29. Since both the questions are covered by the Division Bench decision of this court and thereafter even by the apex court in the case of S. V. Chandra Pandian v. S. V. Sivalinga Nadar [1993] 1 SCC 589, which held that, even on dissolution of the partnership and distribution of the residue amongst the partners after settlement of accounts in terms of section 48 of the Partnership Act, it is to be treated as distribution of movable property and does not result in partition, transfer or extinguishment of interest so as to attract 17 and it was not considered that the provisions of section 17(1) of the Registration Act, 1908, are applicable thereto. In this view of the matter, it is held that the Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd seizure, certain papers relating to the assessee were found. The incriminating articles were seized in the course of the search and seizure operation. The Income-tax Officer was of the view that the declaration should be made only under section 14(1) and not under section 3. The contention which was raised was that the assessee-firm was dissolved on March 28, 1973, and then Messrs. Rambagh Palace (Hotel) Pvt. Ltd. came into existence. The search should have been carried out in the premises of the assessee-firm and since it was carried out in the premises of a limited company, the provisions of section 14(1) are not applicable. The Income-tax Officer found that the authorised officers seized number of issue slip books and loose papers d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal preferred before the Income-tax Appellate Tribunal by the Revenue was dismissed. We have considered the argument of both learned counsel. The provisions of section 14(1) are as under : " 14. (1) Subject to the provisions of this section, where any books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to a person have been seized as a result of a search, under section 132 of the Income-tax Act or section 37A of the Wealth-tax Act and such person (hereafter in this section referred to as 'the declarant') makes, on or after the date of commencement of this Act but before the 1st day of January, 1976, a declaration in accordance with sub-section (2) in respect of any income relatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to whether the submission of the person whose premises were searched is correct or not. The argument of learned counsel for the assessee that the person whose premises have been searched has been excluded from the purview of section 3 and falls under section 14 has no substance. The provisions of section 14(1) do not contemplate seizure as a result of a search of the premises of the person and the only requirement is that wherever the search might have been carried out and the seizure has been made of any books of account or documents, then such person to whom the books of account or documents belongs can make a declaration under section 14. The provisions of section 8(1) of the Ordinance of 1975 are applicable only in respect of the decl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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