9911796707
TMI Blog1987 (4) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... 986. A petition under section 273A of the Income-tax Act, 1961 (" the Act had been filed by Shree Kishan in two capacities, viz., as an individual and as a member of the Hindu undivided family. He made three prayers, viz., (i) no penalty or prosecution may be levied/launched under any provision of the Act or under any other law and any penalty imposable may be waived; (ii) no interest under any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 271(1)(c) of the Act. The other prayers in respect of penalties and interest were rejected. The assessee's prayer for exemption was also rejected. Learned counsel for the petitioner contended that the Commissioner has erred in law in not treating the disclosure petition of the petitioner in the true spirit and intent of Explanation 2 to section 273A. In other words, the contention was t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial requirements to avail of the benefit given under nation 2. Firstly, there has to be a full and true disclosure of the income and, secondly, such a disclosure has to be made within 15 days of the seizure. If there is no full and true disclosure, the benefit cannot be availed of by the person whose books of account, etc., and valuables are seized. There is a time-limit also for making the disclo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 028 besides Rs. 1,50,000 already offered. He had stated therein that time being short for filing the first petition, he was now making further surrender of the aforesaid amount in continuation of the first petition. The question is whether such a petition by way of continuation is permissible. Explanation 2 to section 273A does not contemplate any power to extend the time or treat a petition mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 1,53,028 was not out of the assessee's volition or before detection by the Income-tax Officer. The Commissioner observed that the circumstances showed that it was under compulsive circumstances that the assessee had to make the additional offer for assessment in his individual capacity. In view of the above, we do not find any manifest error of law in the impugned order. The writ petition ..... X X X X Extracts X X X X X X X X Extracts X X X X
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