2023 (4) TMI 1252

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.... Learned ITO, Ward-2(1)(1), Rajkot under Section 143(3) r.w.s. 147 of the Act for Assessment Year 2012-13. 2. We have heard the rival submissions made by the respective parties and we have also perused the relevant materials available on record. 3. The brief facts leading to this case is this that initially the assessment was reopened by issuing notice under Section 148 of the Act on 27.03.2019 on account of income earned out of share/commodity transactions carried out on NSE to the tune of Rs.1,41,55,592/- by the assessee has not been offered to tax and remained unexplained. Such transaction was culminated into addition of estimated profit of 8% as per the provision of Section 44AD of the Act to the tune of Rs.11,32,448/- to the total in....

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....d at Page No.30 of the paper book filed before us. On the other hand, the Learned DR supported the order passed by the Ld. CIT(A). 7. We have carefully considered the facts of the matter and the judgment relied upon by the Ld. Counsel in the case of GopalaKrishnan Rajkumar vs. PCIT (supra). We find that the Hon'ble Court has been pleased to observe 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 under Section 263 of the Act for revising the assessment order. Needless to mention that the view is squarely applicable in favour of the assessee before us. 8. Furthermore, Section 5 of the VSV Act prescribes as follows: "5. (1)....