VASANTBHAI JETHALAL LATHIWALA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The petitioner has challenged the order dated 28/12/1995 passed by the Commissioner, Income Tax Vidarbha Region, Nagpur, whereby the interest under Section 139 (8) and penalty under Section 217 of the Income Tax Act (for short 'Act') for the assessment year 1984-85 to 1988-89 have been retained though prayed for waiving the same. Therefore, the present petition.

(2.) The petitioner is a Karta of HUF. He voluntarily and in good faith pursuant to the assurance given by the Income Tax Department made a full and true disclosure of his income on 30/3/1992 before the Income Tax Officer at Yavatmal for assessment years 1984-85 to 1988-89 before issuance of any notice by the Income Tax Department under Section 139(2) or under Section 148 of the Act, by filing returns for those years. The assessee accordingly paid the full taxes on the income so disclosed.

(3.) The respondent issued notice under Section 148 on 31/3/1992. The petitioner informed about the filing of voluntary returns prior to the date and requested to consider the same accordingly. The Income Tax Officer, Yavatmal accepted the income so declared and made assessment by intimation order under section 143(1)(a) of the Act on 22/6/1992. The income so declared, therefore, was accepted by the department without any change or valuation.