(1) If the declarant fails to pay the income-tax in respect of the voluntarily disclosed income within the time allowed under aub-seetion
(2) of section 5 or to invest the amount required to be invested in the securities referred to in sub-section (3) of section 3 within the time specified in sub-section (4) of section 5, the declarant shall be deemed to be in default.
Mode of recovery,
(2) The provisions contained in sections 221 to 227, 229, 231 and 232 of the Income-tax Act and the Second and Third Schedules to that Act and any rules made thereunder shall, so far as may be, apply as if the said provisions were provisions of this Ordinance and referred to income-tax and sums payable by way of penalty and interest under this Ordinance instead of to tax and sums by way of penalty and interest payable under that Act and to the declarant instead of to the assessee.
iW. 1] THE GAZETTE OF INDIA EXTRAORDINARY b$
(3) Any arrears in respect of the amount required to be invested by the declarant in the securities referred to in sub-section (3) of section 3 shall be recoverable in accordance with the provisions of sub-section
(2) as if such arrears were arrears of income-tax and the amount so recovered shall be utilised for the purchase of such securities in the name of the declarant.
, 8 . (1) The amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under the Indian Income-tax Act, 1922 or the Income-tax Act, or the Excess Profits Tax Act, 1&40 or the Business Profits Tax Act, 1947 or the Super Profits Tax Act, 1963 or the Companies (Profits) Surtax Act, 1964, if,— 11 of 1&22.
15 of 1940.
21 of 1947.
14 of 1963.
7 of 1&64.
Voluntarily disclosed income not to be included in the total income.
(i) the declarant credits such amount in the books of account, if any, maintained by him for any source of income or in any other record, and Intimates the credit so made to the Income-tax Officer;
(ii) the income-tax in respect of the voluntarily disclosed income is paid by the declarant; and
(iii) the amount required to be invested in the securities referred to in sub-section (3) of section 3 is so invested by the declarant.
(2) The Commissioner shall, on an application by the declarant, grant a certificate to him setting forth the particulars of- the voluntarily disclosed income, the amount of income-tax paid in respect of the same, the amount of investment made in the securities referred to in sub-section
(3) of section 3 and the date of payment and investment.
ft. The declarant shall not be entitled, in respect of the voluntarily disclosed income or any amount of income-tax paid thereon, to reopen any assessment or reassessment mads under any of the Acts mentioned in sub-section (1) of section 8 or claim any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessment.
Voluntarily disclosed Income not to •fleet finality of completed assessments, etc
10. Any amount of- income-tax paid in pursuance of a declaration made under sub-section (1) of section 3 shall not be refundable in any circumstances.
Incometax In respect of voluntarily disclosed income not refundable.
11. Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under subsection (1) of section 3 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty or for the purposes of prosecution under any of the Acts mentioned in sub-section (1) of section 8 or the Wealth-tax Act.
Declaration not admissible in evidence against declarant.
6jO THE GAZETTE OF INDIA EXTRAORDINARY [PAH* II—