Answers to queries on Vivad Se Vishwas Scheme
Query | The assessment is done u/s 143(3) and addition is made for LTCG for penny stock case. No search / search assessment was done on the assessee. We have filed for VSV. The AO is planning to amend calculations of Tax considering this as a search case based on Q no. 70 in FAQs. He is of the view that search was done on a kolkata based entity and from that the informations has been passed by the investigation wing. Hence according to him the Reply to the FAQ applies in our case. Kindly guide. |
Answer | The assessee is right similar view is advanced by the Officers across the Country , it seems the representation is made by the Tax Prctioners . If the Board is not accepting the representation the aggrieved assessee may have to file Writ before High Court . (read more) |
Query | Sir, |
Answer | There could be some delay in forwarding the intimation , that will not invalidate the form submitted by the assessee. The Assessee can make the payment on or before March , 2021 , without payment of additional amount . Refer Circular No 18/2020 dt 28 -10 2020 (read more) |
Query | AO passed the order U/s 143(3) r.w.s. 147 by making addition. Later Assessee filed the appeal with CIT (A) who unfavours the assessee by confirming the addition made by AO. Assessee later filed the appeal with ITAT which given the decision on 19/12/2019 as “The Assessing Officer shall grant reasonable opportunity of being heard to the assessee in accordance with set principles of natural justice. Thus, all the grounds raised by the assessee in this appeal are allowed for statistical purposes.” Till date no notice is being issued by AO for hearing. Now assessee wants to opt for VsV can he apply for the same. Also how he can show the appeal pending in the Form No.1. |
Answer | The assessee can avail the benefit of the scheme as the limitation for filing an appeal before High Court has not expired as on 31 -1-2020 .ie. As per S. 260A (2) (a) of the Act, the limitation for filing the appeal is 120 days from the receipt of the order. Please refer , Circular… (read more) |
Query | A CASE OF 194-I RELATING TO DEDUCTION OF TDS FOR AY-2010-11. THEN HOW ASSESSEE CAN OPT FOR SUCH SCHEME. |
Answer | The assessee can avail the benefit of the scheme . Rules or forms cannot go beyond the the provisions of the Act. As per S. 2(1) (a) defines the appellant , as per the definition the assessee is eligible . Section 2 (n) defines the specified date i.e. means the January , 2020. Also refer… (read more) |
Query | Hello Sir Assessee’s appeal for AY 2009-2010 in ITAT was partly allowed, bogus purchase addition is reduce from 12.5% to 5% |
Answer | Please refer Section 3 proviso and Circular No dt Q. No 39 . Ans : In this case on the issue where the taxpayer has got the relief from ITAT in an earlier year ( not reversed by HC or SC ) the disputed tax shall be computed at half of normal rate of 100%… (read more) |