| Question And Answer | |
|---|---|
| Subject: | whether telescopic benefit of IDS declaration is possible |
| Category: | Income-Tax |
| Querist: | prakash |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | IDS declaration, search, telescope |
| Date: | December 6, 2023 |
Assessee is Developers and builder . Search action U/sec. 132 has been conducted and during the search the record of unrecorded transaction for last 10 years was found . assessee has also filed the declaration Under IDS 2016 , can he take the benefit of IDS declaration vis a vis income generated in the years worked out on the basis of data of unrecorded transaction prior to IDS . pl guide
Please read the Circular No.16 of 2016 dated 20 th May , 2016 ( 2016) 384 ITR 144 ( St) Subject : Explanatory notes on provision of the income declaration scheme, 2016 as provided in Chapter IX of the Finance Act 2016 , para 9 (d) effect of declaration , it is clearly mentioned that “ The declarant will not be entitle to claim reassessment of any earlier year or revision of any order or any benefit or set off or relief in any appeal or proceedings under the income -tax Act in respect of declared undisclosed income or any tax , surcharge or penalty paid thereon”
Assesseee may not be set off the amount disclosed under IDS . The burden is on the assessee to prove that the amount recorded data which was not disclosed in the regular books of account the same is offered for tax under IDS , the assessee can contend that it may lead to double taxation . One has to read the nation stated when the IDS declaration was furnished .