TaxTMI 
TaxTMI 
2014 (11) TMI 599
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....ls) and has restored the findings of the Assessing Officer. 2. While admitting the matter on 07.09.2007, the following substantial questions of law were framed :- "(A) Whether on the facts and in the circumstances of the case, the Tribunal has substantially erred in law in interpreting the provisions of Kar Vivad Samadhan Scheme, 1998? (B) Whether on the facts and in the circumstances of the case, the Tribunal has substantially erred in unnecessary and indirectly equated the KVSS, 1998 with earlier Voluntary Disclosure Income Scheme introduced by the Government? (C) Whether on the facts and in the circumstances of the case, the ultimate finding and conclusions of the Tribunal can be allowed to stand as finding i....
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....ppellant has taken us to the relevant observations made by the Tribunal which read as under :- "During the pendency of revenue appeal, assessee availed the benefit of KVSS, 1988 meaning thereby he has accepted the addition as made by the Assessing Officer in the assessment order. The learned D.R. concluded that for the Asstt. Year under reference salary is received by the assessee in benami name and Shri Alkesh K. Shah has not rendered any services to the company. As a matter of fact assessee, like in the earlier years, could have gone for K.V.S.S. for the assessment year under appeal also. Since this was not done the order of the learned CIT(A) be reversed and ....
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....ppellant has drawn our attention to the Government Circular which was reported in 233 ITR 122 which reads as under :- "233 ITR 122 Question No.21 : By filing declaration under Samadhan Scheme for one assessment year, does the taxpayer fogo his right of appeal on the same issue in other assessment years ? Answer : No. The order under the Samadhan Scheme does not decide any judicial issue. It only determines the sum payable under the Scheme with reference to tax arrears. Please see 233 ITR Statute 122 which is the relevant portion of the clarification made by the Under Secretary to the Government of India to all the Chief Commissioners of Income-Tax and Director Genrals of Income-tax." 7....
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....him. Therefore, we are of the opinion that Assessing Officer is fully justified in taxing interest income on this promissory note for all the assessment years under Appeal. Looking to the entirety of the facts and circumstances of the case, we hereby reverse the order of learned CIT(A) and restore that of the Assessing Officer. This would mean that additions of Rs. 25,000/-, Rs. 25,000/- and Rs. 25,200/- were correctly made by the Assessing Officer." 8.Regarding Issue No.3, learned Advocate for the appellant has taken us to the Paragraphs 4 to 4.4 which regards deleting the addition of Rs. 38,167/-, Rs. 67,657/- & Rs. 71,831/- being income in the name of Smt. Ushaben M. Shah made by the Assessing Officer for the A.Ys 1988-89, 1989-90 and 1....
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....sclosed by the assessee in the return of income ought to have been upheld." 7.1. After having both the sides, we feel that issue involved in this ground needs verification at the end of Assessing Officer. We, therefore, set-aside the order of learned CIT(A) on this issue and direct the Assessing Officer to make necessary verification and read judicate the issue involved in this ground afresh after giving an opportunity of being heard to the assessee. 8. In the result, for statistical purpose all the appeals are partly allowed." He therefore, contended that there was finding of facts and therefore, there is no need for any interference in the findings of the Tribunal and no substantial questions of law are raised. 11. Incase of Issue No.....