Law:

Section:

Reward under section 273A of the Income-tax Act, 1961 by way of waiver of penalty is meant for those who voluntarily and in good faith make full and true disclosure of income concealed Section 273A of the Income-tax Act, 1961 - Penalty - Reduction or waiver of - Assessment years 1984-85 to 1988-89 - Whether object of section 273A is to limit reduction or waiver of penalty only in those cases where disclosure is voluntary, is in good faith, is full and complete and is made prior to detection - Held, yes - Whether word 'detection' used in section 273A(1)(b) cannot be construed as referring to final stage or final step of quantification in reassessment order about extent of income concealed and nature or extent of inaccuracies in particulars furnished in respect of such income - Held, yes - Whether, therefore, detection referred to in section 271A(1)(b) is detection of income concealed by assessee - Held, yes - Whether scope of term 'voluntarily' used in section 273A(1)(b) may vary depending on context, but having regard to context in which it occurs in section 273A(1)(b) and having regard to scheme of Act, it must be held to refer to disclosure made by assessee wholly divorced from compulsion or provocation resulting from search and seizure - Held, yes - Whether if disclosure made after a search and seizure of incriminating material which may or may not lead to detection of exact quantum of concealed income disclosed by assessee, is still causative factor for disclosure actually made by assessee, who being apprehensive of future course of events chooses to make a clean breast of things, sooner than later, such disclosure cannot be treated as voluntary and, then, he would not be entitled to waiver of penalty under section 273A - Held, yes Words and phrases - 'Detection' and 'voluntarily' as occurring in section 273A(1)(b) of the Income-tax Act, 1961 FACTS The competent authority conducted search at the residence and business premises of the assessee and recovered jewellery, cash, account books, documents and pronotes from the residence of the assessee. During the course of the search, the assessee expressed his desire to settle the tax matters with the department…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492