TaxTMI 
TaxTMI 
2023 (10) TMI 42
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....ed in quashing the order under Section 263 of the Income Tax Act of Ld. PCIT especially when the Assessment Order passed by the AO is unsustainable in law? (C) Whether on the facts of the case as well as in law, the Appellate Tribunal was justified in quashing the order u/s 263 of the Income Tax Act of Ld. PCIT observing that the assessing officer has failed to add ought to have been made much more than what was assessed and the Scheme does not debar the assessing officer to make the addition of the remaining correct amount? (D) Whether on the facts of the case as well as law, the Appellate Tribunal was justified in quashing the order u/s. 263 of Act of Ld. PCIT holding that the opting the VSV Scheme and finalizing thereof is nothing but the closure of disputes in respect of tax arrears which cannot be subsequently reopened by issuing notice u/s 263 of the Act for revising the assessment order? (E) Whether on the facts of the case as well as law, the Appellate Tribunal was justified in allowing the appeal of the assessee against the order u/s. 263 of the Income Tax Act of Ld. PCIT when there was gross inadequacy in inquiry conducted as per order of Apex C....
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....ly applicable in favour of the assessee before us. 8. Furthermore, Section 5 of the VSV Act prescribes as follows: "5. (1) The designated authority shall, within a period of fifteen days from the date of receipt of the declaration, by order, determine the amount payable by the declarant in accordance with the provisions of this Act and grant a certificate to the declarant containing particulars of the tax arrear and the amount payable after such determination, in such form as may be prescribed. (2) The declarant shall pay the amount determined under sub-section (1) within fifteen days of the date of receipt of the certificate and intimate the details of such payment to the designated authority in the prescribed form and thereupon the designated authority shall pass an order stating that the declarant has paid the amount. (3) Every order passed under sub-section (1), determining the amount payable under this Act, shall be conclusive as to the matters stated therein and no matter covered by such order shall be reopened in any other proceeding under the Income-tax Act or under any other law for the time being in force or under any agreement, whether....
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.... 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 petition was to be decided against him; (B) in a case where an order in an appeal or in writ petition has been passed by the appellate forum on or before the specified date, and the time for filing appeal or special leave petition against such order has not expired as on that date, the amount of tax payable by the appellant after giving effect to the order so passed; (C) in a case where the order has been passed by the Assessing Officer on or before the specified date, and the time for filing appeal against such order has not expired as on that date, the amount of tax payable by the appellant in accordance with such order; (D) in a case where objection filed by the appellant is pending before the Dispute Resolution Panel under section 144C of the Income-tax Act as on the specified date, the amount of tax payable by the appel....
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....ecified 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 declarant violates any of the conditions referred to in this Act; c) The declarant acts in any manner which is not in accordance with the undertaking given by him under subsection (5) And in such cases, all the proceedings and claims which were withdrawn under Section 4 and all the consequences under the Income-Tax Act against the declarant shall be deemed to have been revived.". 43. Section 6 of the Direct Tax Vivad Se Vishwas Act, 2020, makes it very clear that once there is a compliance with the timeliness specified under Section (5), the designated authority shall not institute any proceedings in respect of an offence or aims or levy any penalty or charge any interest under the Income Tax in respect of the tax arrears. 44. Section 5 of the Direct Tax Vivad Se Vishwas Act, 2020, also makes it clear that save as otherwise expressly ....