KISHAN Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS writ petition has been filed by the petitioner against an order of the Commissioner, Meerut, dated July 9, 1986.

(2.) A petition under Section 273 A of the Income-tax Act, 1961 (" the Act"), had been filed by Shree Kishan in two capacities, viz., as an individual and as a member of the Hindu undivided family. He made three prayers, viz., (i) no penalty or prosecution may be levied/launched under any provision of the Act or under any other law and any penalty imposable may be waived ; (ii) no interest under any provision of the Act may be charged or it should be waived ; and (iii) in case any assessment/reassessment in the hands of the Hindu undivided family or individual is made under the Wealth-tax Act, 1957, any penalty or interest imposable/pay-able under the Wealth-tax Act may be waived.

(3.) A perusal of Explanation 2 above makes it clear that there are two essential requirements to avail of the benefit given under Explanation 2. Firstly, there has to be a full and true disclosure of the income and, secondly, such a disclosure has to be made within 15 days of the seizure. If there is no full and true disclosure, the benefit cannot be availed of by the person whose books of account, etc., and valuables are seized. There is a time-limit also for making the disclosure. That time-limit is 15 days of the seizure. Unless there is full compliance with these two requirements, the benefit under Explanation 2 to Section 273A would not be available.