TaxTMI 
TaxTMI 
2022 (11) TMI 1312
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.... to have considered the submissions made by the appellant and ought not to have invoked the proceedings u/s.263 of the Act. 4. The learned Commissioner failed to appreciate the fact that AO has considered the issue in depth during the Original Assessment proceedings and specific queries had been raised on the transactions (which were under revision under section 263 of the Act) and in response to the same the Appellant had provided all the details as called for. 5. The Ld. CIT failed to consider that inadequate enquiry would not give an occasion to exercise jurisdiction under Section 263 of the Act. 6. The learned Commissioner ought to have appreciated the fact that the appellant had furnished all the details as required by the Assessing Officer in the course of assessment proceedings u/s.143(3) of the Act and thereby the AO was satisfied with the claim of the appellant and therefore the revision initiated under section 263 of the act was uncalled for. 7. The Ld. Commissioner erred in holding that the order now passed was made without making proper enquiries or verification which should have been made and hence the assessment order passed was not....
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....72,613/- Rs. 1,84.88,497/- Rs.45,72,613/- Rs.1,77,63,062/- Less: Cash deposits in Bank 1. Syn Bank OD - 1464 2. SBI Current A/C3159 3. Synd Bank SB 58195 4. Synd Bank C/A1233 5. Mahalaxmi Co-op Bank 1. Rs.1,34,68,765/- 2. Rs.20,00.000/- 3. -------------------- 4. Rs.11,88,000/- 5. ------------------- Rs.1,66,56,765/ - 1. Rs.1,34,68,765/- 2. Rs.20,00,000/- 3. Rs.2,00,000/ 4. Rs 11,40,000/- 5. Rs.2.40,000/- Rs.1,70,48,7651- Balance Rs.18,31,732/- Rs.7,14,297/- Less: Closing cash in hand as per books Rs.6,94,823 (as on 31.12.2016) Rs.8,07,135 (as on 30.12.2016 Difference Rs 11,36,909/- -Rs.92,838 4. Accordingly the AO treated a sum of Rs.92,838/- as unaccounted cash credit under Section 68 of the Act and applied tax rate under Section 115BBE of the Act. The PCIT initiated revision proceedings by stating as under: - "2, The assessee has deposited cash of Rs.1,70,48,675/- during the demonitization period in his bank accounts in five different Banks. The Assessing Officer should have obtained the cash denomination for all bank....
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.... The assessee has not given the complete facts regarding his declaration under the VsV Scheme. In any case, even if the assessee's claim regarding his declaration under the VsV Scheme is correct, any benefit would be limited in terms of the VsV scheme, only to the specific declaration made by the assessee and the related disputed tax and the due amount paid under the VsV Scheme. Any benefit cannot possibly extend beyond this and cannot extend to any further addition made by the Assessing Officer in consequence of this order. 7. This is clear from section 8 of the Direct Tax Vivad Se Vishwas Act which is as follows: No benefit, concession or immunity to declarant 8. Save as otherwise expressly provided in sub-section (3) of section 5 or section 6, nothing contained in this Act shall be construed as conferring any benefit, concession or immunity on the declarant in any proceedings other than those in relation to which the declaration has been made. Section 5(3) of the Direct Tax Vivad Se Vishwas Act is as follows: (3) Every order passed under sub-section (1), determining the amount payable under this Act, shall be conclusive as to the ....
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.... record. We will consider the issue of whether revision proceedings can be initiated when the assessee has opted for DTVSV. We notice that the Hon'ble Madras High Court while considering a similar issue in the case of Gopalakrishnan Rajkumar (supra) has held that - "39. The question therefore that arises for consideration is whether the impugned proceedings initiated after the petitioners opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020 are sustainable or not? 40. The expression disputed tax has been denied in Section 27 of the Direct Tax Vivad Se Vishwas Act, 2020 reads as under: (j) "disputed tax", in relation to an assessment year or financial year, as the case may be, means the income-tax, including surcharge and cess (hereafter in this clause referred to as the amount of tax) payable by the appellant under the provisions of the Income-tax Act, 1961, as computed hereunder:- (A) in a case where any appeal, writ petition or special leave petition is pending before the appellate forum as on the specified date, the amount of tax that is payable by the appellant if such appeal or writ petition or special leave petiti....
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....x Act" means the Income-tax Act, 1961; (a) "last date" means such date as may be notified by the Central Government in the Official Gazette; (b) "prescribed" means prescribed by rules made under this Act; (c) "specified date" means the 31st day of January, 2020; (d) "tax arrear" means,- (i) the aggregate amount of disputed tax, interest chargeable or charged on such disputed tax, and penalty leviable or levied on such disputed tax; or (ii) disputed interest; or (iii) disputed penalty; or (iv) disputed fee, as determined under the provisions of the Income-tax Act. 41. As per section 3 of the the Direct Tax Vivad Se Vishwas Act, 2020, notwithstanding anything contained in the Income-tax Act or any other law for the time inforce the amount payable by a declarant shall be as specified in the table to the said section. 42. As per section 4(6) of the Direct Tax Vivad Se Vishwas Act, 2020, the declarations filed under Section(1) shall be presumed to have never been made if:- "(a) Any material particular furnished in the declaration is found to be false at any stage; (b) The declaran....