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Voluntary Deposits (Immunities and Exemptions) Act, 1991

4. Deposit not to be taken into account in certain cases.-

Without prejudice to the generality of the provisions of section 3,--

a.   the deposit shall not be taken into account for the purpose of any proceeding under the Income-tax Act, 1961 (43 of 1961) and, in particular, the depositor shall not be entitled to claim any set-off or relief in any assessment, re-assessment, appeal, reference or other proceeding under that Act or to re- open any assessment or re-assessment made under that Act on the ground that he has made such deposit. Explanation.--For the avoidance of doubt, it is hereby declared that the provisions of the Income-tax Act, 1961 (43 of 1961) will apply to any income which accrues or arises or is deemed to accrue or arise to the depositor from the amount of the net deposit;

b.   the deposit shall not form part of the assets of any assessee for the purposes of computing his net wealth under the Wealth-tax Act, 1957 (27 of 1957) in relation to any assessment year commencing before the 1st day of April, 1992.

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