Section 4 in The Voluntary Deposits (Immunities and Exemptions) Act, 1991
4. Deposit not to be taken into account in certain cases .-Without prejudice to the generality of the provisions of section 3,-
(a)the deposit shall not be taken into account for the purpose of any proceeding under the Income-tax Act, 1961 and, in particular the depositor shall not be entitled to claim any set-off or relief in any assessment, re-assessment, appeal, reference or other proceeding under that Act or to re-open any assessment or re-assessment made under that Act on the ground that he has made such deposit;Explanation .-For the avoidance of doubt, it is hereby declared that the provisions of the Income-tax Act, 1961 will apply to any income which accrues or is deemed to accrue or arise to the depositor from the amount of the net deposit;(b)the deposit shall not form part of the assets of any assessee for the purposes of computing his net wealth under the Wealth-tax Act, 1957 (27 of 1957) in relation to any assessment year commencing before the 1st day of April, 1992.
