5 Yogesh Rashanlal Gupta vs. CBDT(2022) 442 ITR 31 (SC) Date of Order: 4th February, 2022
Income Declaration Scheme, 2016 - Declarant paying two of the three instalments on time - Application for extension of time for payments of third instalment rejected - On peculiar facts, directions issued to adjust the amounts deposited towards first two instalments while reckoning tax liability of assessee after revised assessment.The assessee made an application under the Income Declaration Scheme, 2016 (the scheme) on 16th September, 2016 of an undisclosed income of Rs. 5,98,20,219 divided into three years, namely, 2011, 2015 and 2016. The Principal Commissioner of Income-tax by his order dated 13th October, 2016, called upon the assessee to pay Rs. 1,79,46,066 by way of tax, Rs. 44,86,517 by way of surcharge and an equivalent sum of Rs. 44,86,517 by way of penalty, in three instalments, on specified dates. The assessee deposited the amount towards the first and second instalments before due dates on 23rd November, 2016 and 31st March, 2017. The third instalment was due on 30th September, 2017. However, in the meantime, the assessee came to be arrested in a criminal case on 14th July, 2017 at Kanchipuran, Tamil Nadu. He was granted bail on 16th August, 2017 with a condition of a bond of Rs. 50 lakhs and daily appearance at 10:00 am till further orders. On 30th October, 2017, the Magistrate relaxed the condition of appearance befor
