An addition was made in respect of stock found during survey as the department did not rely on the evidence of a challan filed by the assessee, who had taken the stock on approval from the party. The department made addition considering the same to be assessee’s stock. Now the assessee is in an appeal before the CIT(A), appeal filed before 31.1.2020 and wants to go for VSV scheme. Once he pays the tax for the stocks found with him, can he capitalise the stocks in his books of account?

An addition was made in respect of stock found during survey as the department did not rely on the evidence of a challan filed by the assessee, who had taken the stock on approval from the party. The department made addition considering the same to be assessee’s stock. Now the assessee is in an appeal before the CIT(A), appeal filed before 31.1.2020 and wants to go for VSV scheme. Once he pays the tax for the stocks found with him, can he capitalise the stocks in his books of account?

An addition was made in respect of stock found during survey as the department did not rely on the evidence of a challan filed by the assessee, who had taken the stock on approval from the party. The department made addition considering the same to be assessee’s stock. Now the assessee is in an appeal before the CIT(A), appeal filed before 31.1.2020 and wants to go for VSV scheme. Once he pays the tax for the stocks found with him, can he capitalise the stocks in his books of account?

Since the assessee appellant company had filed under VSVS Scheme and consequent upon receipt of Form 3 and the assessee paying the settled due amount is required to filed form no 4 under VSVS Scheme. One of the pre condition in submitting form 4 is that the pending appeal is to be withdrawn and a withdrawal proof is to be attached. Since the appeal was origin ally filed with CIT A 36 who in response to withdrawal application says that the appeal jurisdictions are now changed in view of the faceless appellant provisions applicable with effect from 1st October 2020. It is not known who is to be contacted for the purpose of such withdraw al as there is no facilities to contact national E Faceless appeal center. Now how to comply with the 15 days period time limitation required for filing form 4. Please help out urgently.

If an assessee has filed an appeal before the ITAT on certain issues and the department has also filed another appeal in respect of certain issues for the same assessment year and the assessee wants to go for the VSV scheme in respect of appeal filed by him but wants to contest the appeal filed by the department. Can the assessee go for VSV in respect of appeal filed by him and contest the appeal filed by the department in the ITAT. Both the appeals are separate appeals and not cross-objections.

in case of search the assessee is accepting reduction of loss/depreciation, so as per scheme 125% is reduced but while filing form 1& 2 under schedule D of the form under the head disputed income 100% of loss amount is to be entered or 125% of loss amount , as there is no separate coloumn for search case as there is in Schedule A .

whether penalty leived on 234E fees is fully waived off under scheme or 25% is to be paid?

If assessment order and penalty order has been passed and assessee wants to opt for vsvs. Should he fill single Form 1 for both tax and penalty.

The appeals in respect of demand of the Assessee for various years are pending as on 31.01.2020. The Department had attached bank accounts of Assessee and recovered almost more than half of the total outstanding demand for all the years. However, the break up of the same is not known i.e. how much for each Assessment year.

The Department may have records of these, but due to several changes in jurisdiction in the past years, we may not be able to obtain the same from the Department and we may have to run from pillar to post.

While filing Form 1, how to input these amounts paid [recovered by attachments] since the Assessee does not have the details of BSR Code, Challan No., Date and details of amount paid [by attachment] for each assessment year?

Kindly advise.

Appeal was filed before Hon’ble High Court much before 31.01.2020 and the same is in SR stage and returned for some defects to be rectified. Will the Assessee be required to rectify the mistakes and obtain the TCA number or shall apply for VSVS with SR number itself. The time, effort and cost for rectifying the defects will be saved if we can file declaration with SR No. itself.

Further, as per Section 4(3) of VSVS ACt, it is mandatory to file proof for withdrawal in case of appeals before High Court. Whether letter to Registry praying for withdrawal of appeal with SR No. will suffice.

Kindly clarify.