Section 14(1) in The Voluntary Disclosure Of Income And Wealth Act, 1976
(1)Subject to the provisions of this section, where any books of account, other, documents, money, bullion, jewellery or other valuable articles or things belonging to a person have been seized as a result of a search under section 132 of the Income-tax Act or section 37A of the Wealth-tax Act and such person (hereafter in this section referred to as the declarant) makes, on or after the date of commencement of this Act but before the 1st day of January, 1976, a declaration in accordance with sub-section (2) in respect of any income relating to the previous year in which such search was made or any earlier previous year-(a)for which he has failed to furnish a return under Section, 139 of the Income-tax Act, or(b)which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the commencement of this Act, or(c)which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the Indian Income-tax Act, 1922, (11 of 1922.) or the Income-tax Act, or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in any of the Acts mentioned in sub-section (1) of section 8 or the Wealth-tax Act, the amount of income so declared or, as the case may be, the value of the assets representing such income, shall not be taken into account for the purposes of-(i)payment of interest by the declarant under sub-section (8) of section 139 of the Income-tax Act;(ii)payment of interest by the declarant Under section 215 or section 217 of the Income-tax Act or the corresponding provisions of the Indian Income-tax Act, 1922; (11 of 1922.)(iii)imposition of penalty on the declarant under the provisions of any of the said Acts, except under section 221 of the Income-tax Act or the corresponding provisions of any of the other said Acts; and(iv)prosecution of the declarant under the provisions of any of the said Acts.
