| Query | In a case where search assessment is originally completed under section 143(3) rws 153A no additions were made. Subsequently the asseassment was reopened on basis of information recd from Inv Wing reg bogus penny stock. The addition is made in reassessment and appeal againt this reasst is pending. The assessee is falling in definition of search case. what will be the rate of tax 100 or 125%? |
| Answer | According to us the reassessment is on account of reassessment and nothing to do with search proceedings hence the rate of tax will be 100% and not 125% |
| Query | Quantum appeal was decided against the assessee and some enhancement was also made by the CIT (a). now appeal filed before ITAT. In the mean time penalty was also levied by AO on the instruction of CIT. Appeal filed before ITAT. How to file VS and also advise whether two separate application needs to be filed. |
| Answer | One application will have to be made for settling the quantum of appeal and the assessee has to give the information of also penalty . Once the quantum appeal is settled the penalty will also be waived |
| Query | Quantum appeal is pending but assessee has not filed appeal against penalty order. Assessee is preferring to go for V to V for quantum appeal. Then what is the outcome for the penalty demand |
| Answer | Once the quantum is settled penalty levied which are related to quantum appeal , will also be waived . |
| Query | it is not a search case and so in those columns we have noted as ZERO |
| Answer | There seems to be technical error . You may try again to fil the form . In case difficulty , please contact the designated authority they will guide immediately . |
| Query | THE ORIGINAL ASST WAS COMPLETED U/S 143(3) AND REFUND WAS DETERMINED IN THE YEAR 2016.HOWEVER REFUND WAS NOT PAID. |
| Answer | The Act is silent on this issue; it can be assumed that the interest does not have to be refunded. As the collection only refers to disputed tax amount and waiver of interest. If the interest is wrongly granted the revenue may pass an order for refund of interest .
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| Query | MATTER RELATES TO AY 2011-12 |
| Answer | Please reefer Q.No 56 and answer Circular No 21 /2020 dt 4 -2 2020 Q. No 56: Appeal or arbitration is pending with appellate authority as on 31 St Jan 2020 (or time for filing has not expired as on 31St Jann 2020). However, subsequent to that date, and before filing of the declaration, the appeal has been disposed by the appellate authority. Whether it is eligible under Vishwas se Vishwas? If yes, how the amount under Vivad Se Vishwas shall be computed? Answer, Yes. Amount payable under Vishwas shall be computed with reference to the position of appeal or arbitration as on 31st January, 2020. Accordingly the assessee is eligible for Vivad Se Vishwas Scheme .
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| Query | There is an item in the Assessment order under Appeal which is apparently incorrect and is eligible for Rectification under section 154. However since the Appeal has been filed contesting all additions no rectification was preferred. Is it possible to correct obvious mistakes in the Assessment order while applying for the VsV scheme ? |
| Answer | The assessee may have to request the Assessing the Officer to pass the rectification order . In case the rectification order is not passed the Assessee may approach High Court by filing writ petition . It may be desirable to file the Application by correcting the obvious mistakes . In case the designated authority rejects the application the assesseee may approach the approach the High Court by filing writ petition before High Court |
| Query | Sir, I forgot to get claim of section 54 in relation to one of my property,due to document misplace(uncontrollable circumstances),deductable amount is Rs. 45,00,000.00, so can I get the deduction same in vivad se Vishwas scheme |
| Answer | Vsv Scheme is not an amnesty scheme . By filing the declaration under the Scheme , the assessee cannot get the benefit . It may be desirable to file an application under section 264 of the Act , or file rectification before the Assessing Officer . As per Article. 265 of the Constitution of India which provides that “No tax shall be levied or collected except by authority of law“. The collection of tax has to be also within the frame work of law. The Circular No. 14 (XL-35), dt. 11/04/1955, also states that a duty is cast upon the Assessing Officer to assist and aid the assessee in the matter of taxation. Assessing Officers are supposed to advise the assessee and guide them and not take advantage of any error or mistake committed by the assessee or of their ignorance. The function of the Assessing officer is to administer the statute with solicitude for public exchequer with an inbuilt idea of fairness to taxpayers. The scope of the above circular is explained in CIT v. Ahmedabad Keiser-E. Hind Mills Co. Ltd (1981) 128 ITR 486 (Guj.) (HC) (492), Parekh Bros v. CIT (1984) 150 ITR 105 (Ker) (HC) (118 ), Dattatraya Gopal Sathe v. CIT (1984) 150 ITR 460 (Bom.)(HC) (463-464) In Raghavan Nair v. ACIT (2018) 402 ITR 400(Ker.)(HC),Capital gains wrongly shown in the return as taxable. Duty of Assessing Officer to refrain from assessing such income. No tax shall be levied or collected except by authority of law.
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| Query | Dear Sir, We have gone for an CIT(A) for adding back the directors loan as undisclosed income We have shown all the proof the oder was passed ignoring the 3rd director The AO computed the total income again with ef to CIT(A) ref we filed for rectification u/s 154 .we did notreceived any communication from department should we go for VSV scheme Its is a pvt lt company kindly reply |
| Answer | It seems the asseessee is in a position to prove the identity , capacity and genuineness of the transaction by filing confirmation from the Director . it may be desirable to make an application under Rule 46A of the Act , and enclosing all the relevant materials . The CIT (A) may get the remand report may decide in favour of the assessee. Still if the assessee desires to settle the issue the assessee can file the declaration, however the tax has to be paid on the basis of tax in dispute pending in appeal . |