COMMISSIONER OF INCOME TAX Vs. KANTI BHAI DAMANI

JUDGEMENT

(1.) In the present appeal under section 260A of the Income Tax Act, 1961 (Act, for short), which relates to block assessment period 1-4-1988 to 27-10-1998, we are required to answer the following substantial question of law :--

(2.) The respondent assessee had earlier made a disclosure of Rs. 2,85,00,000 on 23-12-1997 under Voluntary Disclosure of Income Scheme, 1997. Thereafter, certificate under section 68(2) under the said scheme was issued to him on 24-12-1997. As per the said certificate, the cash and bank balance declared as on 31-3-1997 was Rs. 1,28,58,390.

(3.) During the course of search, it appears that the respondent assessee had surrendered and cash amount of Rs. 30,10,000 was found.