https://www.taxtmi.com/caselaws?id=10207 The court upheld the legality of encashment and adjustment of Indra Vikas Patras (IVPs) towards tax liability, finding the petitioner had authorized these actions. Benefits under the Kar Vivad Samadhan Scheme (KVSS) for 1994-95 and 1995-96 were denied due to the petitioner becoming a defaulter after requesting adjustments of IVPs towards tax liabilities. Procedural compliance under Income-tax Act sections 132(9A) and 132B(1) was deemed satisfactory, with recoveries considered valid despite technical violations. The court issued declarations and directions regarding recoveries, emphasizing the need to reconsider credits and grant relief under assessments. en-us Tue, 21 Dec 2004 00:00:00 +0530 Fri, 10 Jul 2009 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10207 The court upheld the legality of encashment and adjustment of Indra Vikas Patras (IVPs) towards tax liability, finding the petitioner had authorized these actions. Benefits under the Kar Vivad Samadhan Scheme (KVSS) for 1994-95 and 1995-96 were denied due to the petitioner becoming a defaulter after requesting adjustments of IVPs towards tax liabilities. Procedural compliance under Income-tax Act sections 132(9A) and 132B(1) was deemed satisfactory, with recoveries considered valid despite technical violations. The court issued declarations and directions regarding recoveries, emphasizing the need to reconsider credits and grant relief under assessments. Case-Laws Income Tax Tue, 21 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10207