9911796707
TMI Blog1981 (7) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... years in dispute, the assessee disclosed incomes u/s 14(1) of the Voluntary Disclosure of Income & Wealth Ordinance, 1975 and deposited tax as under: S.No. Asst. yr. Income disclosed u/s 14(1) of the Voluntary Disclosure of Income & Wealth Ordinance Tax deposited 1 2 3 4 Rs. Rs. 1. 1968-69 3,220 990 2. 1969-70 10,868 3,718 3. 1970-71 9,516 129 4. 1971-72 3,761 202 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction on refunds only if the declaration is made u/s 3(1) and not otherwise. The AAC, however, was of the opinion that though the provisions of s. 10 were applicable only to declarations u/s 3(1) but the provisions of s. 9 imposed an unqualified restriction on set off of loss or relief granted to the assessee in any appeal in respect of voluntary disclosure income. He, therefore, held that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt or reassessment. Similarly according to s. 10, any amount of Income-tax paid in pursuance of a declaration made under sub-s. (1) of s. 3 shall not be refundable under any circumstances. Obviously, the intention of the framers of the Act could not be that s. 10 would apply to disclosures made under any of the provisions of the Act, even though they were in accordance with the provisions found in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 where any tax is paid by the declarant in accordance with the provisions of s. 5 r/w sub-s. (5) of this section, credit thereof has to be given to the declarant in the assessment made under the Indian IT Act, 1922 (11 of 1922) or as the case may be the Income-tax in respect of his total income of the previous year or years, and assessment has to be made accordingly. What we mean to say is that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not seriously disputed, but it was contended that the matter had already been taken up in Reference before the High Court and as a result thereof the Tribunal's orders passed in case of the firm might be modified and the assessee may ultimately be entitled to some refunds. We only need to say that at present we are not deciding the final fate of the present refunds. All that we are holding is th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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