2021 (4) TMI 1011

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.... Kumar Aggarwal, Member (A) 1. In the captioned appeal, the assessee assails penalty u/s. 271(1)(c) as confirmed by learned first appellate authority vide impugned order dated 20/08/2019. The Ld. AR, Shri Nikhil Tiwari, submitted that the assessee has already opted for settlement of dispute for quantum additions as well as penalty under Direct Tax Vivad Se Vishwas Scheme (VVS Scheme), 2020 and ....

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....bove, the impugned appeal for levy of penalty needs to be disposed off and penalty proceedings u/s. 271(1)(c) of the Act should be dropped. 3. We have carefully considered the rival arguments. At the outset, the relevant FAQ No. 8 as referred to by Ld. AR is reproduced as under:- "Q8. Imagine a case where an appellant desires to settle concealment penalty appeal pending before CIT(A), ....

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....l pending." Keeping in view the provisions of section 3 of the VSV Act and FAQ No. 8 as extracted above, it is quite discernible that when the tax arrears include penalty levied on such disputed tax, then in such a case only prescribed percentage of disputed tax is required to be paid by the declarant. Upon perusal for Form No. 3, we find that the assessee has filed declaration for both the app....