RAKESH TAPARIA Vs. CIT

JUDGEMENT

(1.) THIS is an appeal filed by assessee under Section 260A of the Income Tax Act against an order dated 23 -9 -2003, passed by I.T.A.T., Indore in I.T. (SS) A. No. 05 /Ind. /2001. This appeal was admitted for final hearing on following substantial questions of law: 1 Whether Tribunal was justified in holding that the amount disclosed in VDIS by the assessee prior to commission of raid effected under Section 132 of the Income Tax Act cannot be considered against the estimation of income from alleged Hawala business ?

(2.) WHETHER assessee is entitled to claim any benefit of VDIS disclosure in block assessment period cases to avoid assessment in respect of the income which according to him he had already disclosed in VDIS as admittedly the estimated income did not exceed the disclosure made in VDIS ? 2. Heard Shri G.M. Chafekar, learned senior counsel with Shri P. Prasad, learned Counsel for the assessee/appellant and Shri R.L. Jain, learned senior counsel with Ku. V. Mandlik, learned Counsel for respondent/revenue.

(3.) WE feel appropriate at the outset, to quote in verbatim the manner in which the issue involved in this appeal was decided by the Tribunal: 8A. Ground No. 5 - In support. of this ground the learned AR draws our attention to the contents of page Nos. 36 and 37 of the paper which are certificates under Section 68(2) of the Voluntary Disclosure of Income Scheme, 1997 respectively in the case of Shri Ramanand Tapadia (HUF) and the assessee, so far disclosure in the case of assessee is concerned as apparent from the certificate it has been made against the investment in the immovable properties and nothing to do with money in question. This ground is thus rejected. 9. In result appeal is partly allowed.