2021 (4) TMI 1011

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ptioned 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 already received Form No. 3 from appropriat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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), while continuing to litigate quantum appeal that has t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he 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 appeals i.e. disputed tax appeal as well as penalty appeal and pai....