Direct Tax Vivad Se Vishwas Act, 2020

S. 2(1)(a) : Appellant-Amount payable and time of payment-Disputed tax-Filing of declaration and particulars to be furnished-Appeal dismissed by the Commissioner (Appeals)-Time limit for filing an appeal before Income tax Appellate Tribunal is not expired-Eligible to apply under provisions of DTVSV-The revenue is directed to proceed with the application of the assessee in accordance with the provisions of the DTVSV Act and other applicable regulations. [S.2(1)(a)(ii), 2(1)(j)(B), 4, S. 250, 254(1), Art. 226]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Delay of 394 days for depositing the TDS amount deducted-Deposited the TDS with interest-Delay was due to factors like market sluggishness, insolvency proceedings, and COVID-19 pandemic, with no mens rea involved-Proceeding is quashed. [S. 276B, 278B, 279(1)]

S. 270AA : Immunity from imposition of penalty, etc-Income deemed to accrue or arise in India-Royalty-Application for immunity could not be rejected-Order rejecting the application is quashed-DTAA-India-USA [S.9(1)(vi),270A(9),270AA(3), art. 12, Art. 226]

S. 264 : Commissioner-Revision of other orders-Public charitable trust-Rectification application-Delay and filling errors-The order rejecting revision petition was set aside and matter was to be remanded to Commissioner for reconsideration on merits. [S. 2(15), 10(23C)(vi), 154, Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Search-An order of assessment passed under section 153A read with section 143(3) after getting an approval of Jt. Commissioner under section 153D could not be revised under section 263-Tax effect less than 1 crore-Appeal is not maintainable. [S. 40A(3), 143(3), 153A, 260A 268A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Long term capital gains-Penny stock-Principal Commissioner had applied its mind and came to prima facie conclusion that Assessing Officer should have treated entire credit as bogus and added back same under section 68 rejecting claim for exemption under section 10(38)-Order of Tribunal quashing the revision is set aside.[S.10(38), 45, 68, 143(3), 260A]

S. 244A : Refund-Interest on refunds-Section 7 of Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act, 2020) is a complete code by itself and if case is to be settled under it, no interest under section 244A is available. [S.154, 245, DTVSV Act, 2020, S.3, 4(1), 7, Art. 226]

S. 226 : Collection and recovery-Modes of recovery-Attachment-Joint account holder-Primary account holder-No separate notice is required for having joint account as secondary holder in view of section 226(3)(iii) [S. 226(3)(iii), Art. 226]

S. 220 : Collection and recovery-Assessee deemed in default-Stay-Pendency of appeal before CIT(A)-Stay petition did not contain details relating to financial stringency, it was necessary to impose costs on assessee subject to payment of a sum of Rs.10,000/-assessee would be permitted to submit a fresh stay application before assessing officer.[S. 226, 250, Art. 226]

S. 220 : Collection and recovery-Assessee deemed in default-Stay-Pendency of appeal before CIT(A)-In view of exceptional circumstances as noted in Office Memorandum dated 29-2-2016, assessee was directed to make payment of a sum of Rs.40 lakhs and demand was to be stayed till disposal of appeals.[S. 226, 250, Art. 226]