2024 (3) TMI 32

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....ue : Shri Subhra Jyoti Chakraborty, CIT DR ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : This appeal by the assessee is directed against the order of the ld. Pr.CIT, Faridabad dated 24.03.2022 for the assessment year 2017-18. 2. Grounds of appeal taken by the assessee read as under :- "1. That Ld. Pr.CIT has erred both in law and on facts in assuming jurisdiction u/s 263 of Inco....

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....s. 3. That Ld. Pr.CIT has erred both in law and on facts in passing the impugned order u/s 263 as the assessee has opted the VSV Scheme, 2020 and the matter was finally closed on 25- 11-2021 and on the said date PCIT had issued the Form-5 of VSV. 4. That Ld. Pr.CIT has erred in observing as under:- * That the assessing officer has not conducted the inquiries on the issue....

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....circumstances, it has been pleaded that action of ld. PCIT under section 263 of the Act is bad in law in the facts and circumstances of the case. 3.1 Ld. Counsel for the assessee further referred to the decision of Hon'ble Gujarat High Court in the case of Pr.CIT 1 vs. Mrs. Swatiben Biharilal Parekh in R/Tax Appeal No.641 of 2023 order dated 26.09.2023. Hon'ble Gujarat High Court has upheld the....

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....m 394 (Madras) and the Division Bench of this Court while considering the issue of the finality of the benefit of the Vivad Scheme and Section 5 thereof. Accordingly, the said order of Tribunal was upheld by the Hon'ble High Court. 3.2 Ld. Counsel of the assessee submitted that facts in the present case are fully covered. In this case also, Form 5 has been received and dispute has been settled.....