Held that, the declaration under the Direct Tax Vivad se Vishwas Scheme was made for the proceedings in which the disputed amount pertaining to the allotment of shares to shell company on premium. The assessee had filed the necessary forms under the Direct Tax Vivad Se Vishwas Scheme and Form 5 confirming the settlement under the Scheme had been issued. Therefore, the transaction was part of the proceedings declared under the Direct Tax Vivad Se Vishwas Scheme. Without verification of the face value, the Assessing Officer would not have assessed the premium amount and the amount towards the face value of the shares was part and parcel of the entire proceedings which the assessee had opted to settle under the Direct Tax Vivad Se Vishwas Scheme. Therefore, the Principal Commissioner was not justified in initiating the proceedings under section 263 when the proceedings were already declared under the Direct Tax Vivad Se Vishwas Scheme. (AY. 2012-13)