SC allows Assessee to adjust Tax paid under Income Declaration Scheme, 2016 against Income Tax if his application was rejected

Yogesh Roshanlal Gupta Vs Central Board of Direct Taxes (Supreme Court) The Supreme Court while reversing the High Court’s Order has ruled that the assessee can adjust Income Tax paid under Income Declaration Scheme, 2016 with tax payable if his application was rejected. The assessee made a declaration of an undisclosed income of a certain amount divided into three years 2011, 2015 and 2016 under the Income Declaration Scheme, 2016. The Principal Commissioner thereupon asked the assessee to make payment of a sum of a certain amount by way of tax, surcharge and penalty under three instalments...