Petitioner Entitled to SVLDRS Deduction for Pre-Notice Deposits; Designated Committee's View Overturned. Credit Required for All Payments.

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....SVLDRS - Right of the petitioner to get deduction of deposits made prior to the issuance of show cause notice - Amount deposited by the petitioner falls in the second category. The provision only talks of amount irrespective of whether it has been paid as tax or interest or penalty. Thus, the view taken by the Designated Committee cannot be sustained. There is another side to the story. Had the petitioner remitted the entire amount paid by him towards tax, the respondents would have given credit of entire amount and his interest liability would have been waived off as well. The petitioner cannot be punished for depositing the amount under different heads once the provision mandates to discount the amount paid during the investigation dehors the head it has been deposited under. - HC....