COMMISSIONER OF INCOME TAX Vs. UTTAMCHAND JAIN

JUDGEMENT

(1.) This appeal filed by the revenue under Section 260 A of the Income Tax Act, 1961 ( 'Act' for short) was admitted on 29-04-2009 on the following substantial questions of law :

(2.) The assessment year involved herein is A.Y. 1998-1999.

(3.) The respondent ( 'assessee' for short) is a Dealer in Diamonds. The assessee had declared diamond jewelery weighing 65.75 carats under the Voluntary Disclosure of Income Scheme, 1997 ('VDIS, 1997' for short). The said declaration was accepted by the department and a certificate was issued to the assessee under VDIS, 1997.