In a case disputed tax in appeal, was reduced by an order u/s 154 by A.O.

Reduced tax was offered in form 1 & 2. But form 3 is issued ignoring 154 on original disputed tax.

So our query is, whether if disputed demand is reduced u/s 154 after filing of appeal, whether reduced tax will be allowed on vsvs?

The department has already adjusted the demand against the next years refunds. Now as per VSV form 3, it ask to fill the details of taxes paid like bsr code and sr. no. of challan. How to fill the same.Please advise.

Sir my client file appeal against order of A.O.and order from commissioner appeal dated 21.01.20 was recd.by post dated 15/2/20 and I have not file appeal before ITAT and opt VSVS Scheme on 17.06.20 by filing form I & II. Thereafter I assessee received form III from dapartment and Submitted form IV with tax challan on 08.12.20.But now department want to revised the order on the ground that as on 31.01.20 no appeal is pending.
Please give your valuable guidance whether action taken by department is correct or not?

I have filed for Vivaad Se Vishwas. Form 3 is electronically issued. I am getting confused with the statements and choice of words used. I have cleared all tax arrear as per assessment order and then filed for DTVSV.

It am ask to fill form 4 and ask me to deposit “Balance amount payable / refundable after adjusting amount already paid”

Amount shown is in negative = -20,000

Words used are :

“The declarant is hereby directed to make the payment of sum payable, if any, as per Balance amount payable / refundable after
adjusting amount already paid as per the form.”

In case of non-payment of amount payable as per the form, then the declaration under Form-1 shall be treated as void and shall
be deemed never to have been made.

What does it signify ? Do I have to pay or refund has been issued??

Please let me know.

As per rule 9 of the DTVSV scheme, the assessee having carried forward loss has two options –
1. Pay tax now on the amount by which loss is reduced and carry forward the whole amount by ignoring the amount of reduction
OR
2. carry forward the reduced amount of loss and not pay any tax now.

In our case, the assessee has a brought forward business loss, which is further carried forward due to no set-off available. While the current year business loss gets set off with CY LTCG. Thereby, having no current year business loss outstanding.

The AO contends that the assessee having brought forward loss is not eligible for the second option (because that option is available only in case of current year loss that is unabsorbed), and there remains a +ve income after PGBP addition made by order.

Kindly help and suggest if the AO’s contention is valid? and if so, where is the same mentioned in rules of DTVSV scheme.
Thankyou.

In search assessment only one issue is addition of Rs. 100 was made as bogus purchase, which was confirmed by CIT-A and ITAT after considering the arguments, held that the GP rate is around 10-11% in the earlier asst years, hence this year it confirmed GP rate at 20% and in the process gave relief of Rs. 80 out of Rs. 100 addition made. The department and the assessee have challenged the order before HC. The assessee files form1&2 under VsVs for Rs. 20 only and form 3 is issued and no demand is outstanding as the taxes paid in installments post assessment have been adjusted. After Form -3 was issued HC has disposed the departmental appeal by quashing the order of ITAT and directing it to decide the issue afresh.

What are the options available to the assessee. Does the income declared under VsVs becomes final or it has to be treated as non est in the light of order of HC.

In fresh order to be passed by the ITAT whether the income offered under VsVs will be telescoped ? or

(If ITAT confirms addition of Rs. 100 and whether the final income taxed will become Rs. 120/- or it will be Rs.80.(after considering Rs.20 declared under VsVs?)

Dear Sir,

I have filed 2 VSV scheme forms for A.y. 2010-11 and 2012-13.

In A.Y. 2010-11 Refund is 2 lakhs
In A.Y. 2012-13 Demand is 2.5 Lakhs

I Dont want refund of a.y. 2010-11 and want to get the same set-off against A.Y. 2012-13 and pay only difference. i.e. 0.5 lakhs.

Is the above treatment allowed in scheme. and how to avail that.

Thanks a lot sir in advance.

The assessment was done u/s 143(3) and addition was made. Tax and up to date interest was mentioned in the order issued by ITO. No search was done on the assessee. An appeal is pending. We filed for VSV and have received Form-3 mentioning the total amount of Tax as well as interest amount up to the date of order issued by ITO. A footnote on the Form-3 says that this has been treated as search case based on the information during search of some other assessee and Q no. 70 in FAQs applies. I feel that the basic idea of VSV was that only the disputed tax has to be paid. Kindly guide.

THE ASSESSEE COMPANY HAS PAID TAX UNER MAT ON BOOK PROFIT OF 6090471 BECAUSE THE COMPANY WAS HAVING BROUGHT FORWARD LOSSES.THE ASSESSEE HAS PAID TAX UNDER MAT OF RS 1368347 AS PER RETURN OF INCOME.
ADDITTIONS OF RS 5616738 WAS MADE UNDER 143(3) DETAILS ARE AS UNDER:
BOOK PROFIT AS PER TAX RETURN 6090471
ADDITIONS U/S 143(3) 5616738
TOTAL INCOME AS PER ASSESSMENT ORDER 11707209
TAX @ 18% 2107298
SC 158047
EC 67960
TOTAL TAX PAYABLE 2333305
LESS PREPAID TAXES 1368347
ASSESSEE HAS MADE APPLICATION UNDER VISVAD SE VISHWAS SCHEME AND CIT HAS ISSUED FORM 3.AS PER FORM 3 TOTAL TAX PAYABLE IS 2333305( SAME AS PER ASSESSMENT ORDER). HOWEVER, BENEFIT OF PREPAID TAX OF RS. 1368347/- WAS GIVEN IN ASSESSMENT ORDER BUT AS PER FORM 3 ISSUED BY CIT BENEFIT OF PREPAID TAX OF RS. 1368347/-HAS NOT BEEN GIVEN. KINDLY ADVISE:
WHETHER CIT IS CORRECT IN NOT GIVING CREDIT OF RS. 1368347/- OF PREPAID TAX.
IF CIT IS NOT CORRECT THEN HOW TO PROCEED AND IN WHAT MANNER.

we had filed form 1 and form 2. form 3 also arrived it was given by them form 4 was also submitted after that when we file form 5 clarification does not come what to do about it?