Wednesday, November 16, 2011

Compilations of case law: IT Act related Topics : VDIS / KVSS

VDIS – "income" in respect of which warrant has been issued – income is material and not person to whom warrant is issued – Amount cannot be disclosed under VDIS
Nandlal Rander Vs CIT (Cal) 245 ITR 810.


Assessee filing petition under VDS – Disclosure not accepted by Department – Amount disclosed assessable as income from undisclosed sources.
Baldeo Prasad Vs CIT (Patna) 166 ITR 205


Immunity conferred under VDIS is of limited character and is not an absolute or universal immunity. The immunity cannot be extended beyond the confines specified by the said provisions.
Tekchand etc. Vs Competent Authority (SC) 112 CTR 458


VDIS declaration filed, but tax not paid – No immunity
CWT Vs Sudha Devi Khaitan (Pat) 223 ITR 740


Issues decided by A.O. and subject matter of dispute only will be covered in KVSS
Bhilwara Spinners Ltd. ( ITAT, Jodhpur ) 101 ITD 237
TVS Motor Company Ltd. Vs ACIT (Mad) 293 ITR 394


Issues not covered by KVSS are subject to revision u/s 263
Siddhartha Tubes Ltd. Vs CIT (ITAT, Ind) 85 ITD 316


KVSS – Pendency of litigation is a must – Artificial creation of such pendency is not permissible.
Gopal Films Vs DCIT (Kar) 237 ITR 655

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