Income Tax - Highlights / Catch Notes
Income Tax - Revision u/s 264 - Exclusion of income declared under Income...
Revision u/s 264 - Exclusion of income declared under Income Declaration Scheme, 2016 ("IDS") - Petitioner having paid the tax and surcharge and the penalty with interest, amount of undisclosed income cannot be included in the income of the declarant/petitioner. Therefore, in our view, Commissioner should have exercised his power u/s 264 of the Act and decide the matter on merits. - HC