Allowing the petition the Hon’ble Court has held that in DTVSV Act, 2020, if there was a reduction or increase in income and tax liability of assessee as a result of rectification, disputed tax would be calculated after giving effect to said rectification order passed. Iuusance of revised form is held to be not sustainable. The rejection order is quashed. Respondents are directed to act in furtherance of the petitioner’s declation by way of form 3 dated January 18, 2021 in accordance with the clarification of the Act.. (AY. 2014-15)
Rajpal Lakhmichand Arya v. PCIT (2024) 461 ITR 79 (Bom)(HC)
Direct Tax Vivad Se Vishwas Act, 2020
S. 2(1) : Disputed tax-Rectification-As per clarification issued by CBDT if there was a reduction or increase in income and tax liability of assessee as a result of rectification, disputed tax would be calculated after giving effect to rectification order passed-Revised form 3 is held to be not justified. [S. 2(1)(j), ITAct, 154, Art. 226]