Section 14(1)(c) in The Voluntary Disclosure Of Income And Wealth Act, 1976

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Union of India - Subsection

Section 14(1)(c) in The Voluntary Disclosure Of Income And Wealth Act, 1976

(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.

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Union of India - Subsection

Section 14(1)(c) in The Voluntary Disclosure Of Income And Wealth Act, 1976