Decided on February 05,1982



O.P. Garg, Judicial Member - (1.) THE revenue has preferred this bunch of five appeals against consolidated order dated 29-11-1980 of the Commissioner (Appeals). By the said order, the Commissioner disposed of appeals relating to the assessment years 1965-66 to 1974-75. We are concerned with only appeals relating to five assessment years.
(2.) 1965-66 to 1969-70 are the assessment years concerned. 31st March immediately preceding each assessment year is the corresponding valuation date. The assessee is an individual. She had been a partner in a partnership firm, styled Gulab Singh Sethi & Sons. The said firm made some time in December 1975 a declaration under the provisions of Voluntary Disclosure of Income and Wealth Act, 1976 ("VD Act"), disclosing an income of Rs. 31 lakhs, stated to have been earned during the account years relevant to the assessment years 1961-62 to 1974-75. Block assessment in respect of the said voluntary disclosure was made by the ITO and tax was charged accordingly from the firm. On the basis of the said disclosure of income by the firm, the TAG in the individual partner's assessments included an amount of Rs. 3,44,000 in the computation of the assessee's net wealth. At the same time the I AC observed in the assessment order that this wealth will later be excluded if the assessee fulfils the conditions laid down in the Voluntary Disclosure Scheme, 1975.
(3.) THE assessee went in appeal to the Commissioner (Appeals) and raised three contentions as enumerated in the AAC's order. Third contention read "he (the IAC) has not pointed out any specific ground or reason for this inclusion." THE AAC taking into consideration the contentions of the assessee directed the IAC to exclude the impugned amount from computation of the assessee's net wealth.;

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