(1) Subject to the provisions of this Ordinance, where any person makes, on or after the date of commencement of this Ordinance but before the 1st day of January, 1976, a declaration in accordance with the provisions of section 4 in respect of any income chargeable to tax under the Indian Income-tax Act, 1922 or the Income-tax Act for any assessment year - Charge of incometax on voluntarily disclosed income.
11 of 1922.
(a) for which he has failed to furnish a return under section 139 of the Income-tax Act, or
(fa) which he has failed to disclose in a return of income furnished by him under the Income-tax Act before the date of commencement of this Ordinance, or
(c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under either of the said Acts or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the said Acts or in any Finance Act, income-tax shall be charged in respect of the income so declared (such income hereinafter referred, to as the voluntarily disclosed income) at the rate or rates specified in the Schedule to this Ordinance.
(?) Nothing contained in sub-section (2) shall apply in relation to—
(i) the income assessable for any assessment year for which a notice under section 139 or section 148 of the Income-tax Act has been served upon such person and the return has not been furnished before the commencement of this Ordinance;
(ii) where any books of account, other documents, money, bullion, jewellery or other valuable articles or things belonging to the person making the declaration under sub-section (1) (hereafter in this section, in sections 4 to 13 and in the Schedule to this Ordinance referred to as the declarant) have been seized as a result of any search under section 132 of the Income-tax Act or under section 37A of the Wealth-tax Act, the income in respect of the previous year in which such search was made or any earlier previous year.
(3) In addition to the amount of income-tax to be paid under subsection (1), the declarant shall invest a sum equal to five per cent, of the amount of the voluntarily disclosed income in such securities as the Central Government may notify in this behalf in the Official Gazette.
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