I have filed Form 1 of VSVS.
There is a option to revise the form 1 already filed. I want to cases when I may revised the Form 1.
Till the date DA has not filed Form 3.
Thanks.

I have purchased a plot of worth rs.5500000 with sources from.husband and sons ,but due to some personal problems i could not represent/produce the proofs from my side on time ,but IT dept. taken bank statement s in which they found 15 lacs cash deposits erroneously with wrong notations and remaining are online transfers from my sons..but by having all statements… they computed tax 22,00,000 out Of Which Future Interst 5 Lacs and tax with special rate of interest. So i appealed cit,but not yet called. recently they sent a notice to pay min 20 percent so i paid..mean while vivad se viswas was notified. Can I Get Relief Of Special Rate Of Taxation And Futre Interst Amounts.do they review complete case and find correct tax in this scheme? Kindly suggest

We have purchased a plot of worth rs.5500000 with souces from.husband and sons ,but due to some personal problems i could not produce the proofs from my side ,but it dept taken bank statement s in which they found 15 lacs cash deposits with erong notations and remaining are online transfers from sons..but by knowing all the computed tax 2200000 out Of Which Future Interst 5 Lacs and tax with special interest. So i appealed cit,but not yet called. recently they sent a notice to pay min 20 percent so i paid..mean while vivad se viswas was notified. Can I Get Relief Of Special Rate Of Taxation And Futre Interst Amounts.do they review complete case and find correct tax in this scheme? Kindly suggest

Many of my clients have been getting ITR Rectification notices u/s 154 for almost all the past 8-10 assessment years for which assessment orders u/s 143(1) had already been issued and refunds received. The standard wordings in such notices are:

Dear Madam/Sir,

Subject: Status of your ITR filed with CPC for PAN xxxxxxxxx, Assessment Year xxxxxx

Ref: – E-Filing Acknowledgement Number xxxxxxx Dated xxxxxx.

Your return for the above mentioned assessment year will henceforth be rectified by your Assessing Officer xxxxxxxxx. You are requested to contact your Jurisdictional assessing officer for any rectification related issues.You may also log on to https://incometaxindiaefiling.gov.in and click on “Know your Jurisdictional AO” under”SERVICES” menu for further details.

Upon analysis, I find that these notices are being issued only for those assessees who have certain ongoing taxation disputes in various forums.

I don’t know if this is the case only with my clients, or is happening to other assesses as well across India. Be that as it may, what is the objective of these notices? Is it not pressure tactics / harassment of assessees and furthermore, goes against the stated objectives of the government of promoting faceless assessments and no physical face to face interactions with the Income Tax Officers, presumably to reduce harassment and corruption?

IN A CASE WHERE TRIBUNAL HAS PASSED AN ORDER AFTER 31/01/2020 CONFIRMING LEVY OF PENALTY UNDER SECTION 271B OF THE ACT, AND TIME FOR FILING APPEAL BEFORE THE HIGH COURT HAS NOT YET EXPIRED, CAN THE ASSESSEE AVAIL THE BENEFIT OF VsV SCHEME.
THANKS

In case assessee opts not to pay tax opted as income tax order relates to reduction of losses due to disallowance . Assessment order passed by ld AO u/s 143(3), wherein brought and carry forward lossess as per Income Tax Authority are not mentioned ,as required how these figures would be filled in S.no. D and E of Schedule D Annexure D of Form 1 of VSV .can VsV Form be uploaded by keeping these column blank ? Or is it mandatory?

As per Question 22 of latest circular, in case, only notice for initiation of prosecution has been issued, Assessee can opt for VsV Scheme. Issue is regarding the amount of tax to be paid in this scenario?

Sir,
Thank you for reply to my query dt. 27.04.2020, but my query was not about amount of Tax arrears to be filled but name of authority passing the order, dt. of order and section of passing the order.
I am giving facts of the case –
The AO passed order U/s 143(3) read with sec. 147 on 2.11.2017, CIT(A) dismissed appeal by order dt. 17.08.2018, appeal effect order U/s 250 passed by AO on 26.09.2018. Now I want to clarify whether in column 2 of part B of declaration form 1 – section 143(3) is to be mentioned or Sec. 250, and in next column 143(3) read with section 147 is to be mentioned or 143(3) read with sec.250. Then in column (3) name of authority is to be mentioned as AO or CIT(A). Then in column 4 date of assessment order 02.11.2017 is to be mentioned or date of appeal order by CIT(A) 17.08.2018 or date of order U/s 250 giving appeal effect dt.26.09.2018 by AO. is to be mentioned.

Respected sir
The addition has been made under section 68 as alleged fake loans
The said loan has been fully repaid and interest has also been paid on the said loan and TDS is also deducted
If the assessee buys peace under vivad se vishwas scheme
Can he capitalize the alleged fake loan which is already repaid by crediting this in p&l or by any other way because the income can be taxed only once
Will there be any implications w.r.t benami law and gst
And what are the other issues which should be brought into consideration before entering into the scheme
There is also a favourable ruling of the in other case jurisdictional itat where the the creditor co. Is treated as genuine and loan from it as genuine loan
Aren’t subordinate authorities bound by decision of itat

Assessee filed an CIT appeal against the order u/s 143 of the Act. The case has not yet heard. Subsequently notice u/s 263 of the Act is issued by the CIT and as on 31.1.2020, order u/s 263 has not yet been issued. In Feb 2020, order u/s 263 is issued to revert the case back to A.O on certain issues without quantifying any demand. In such case, whether assessee can go under VSV. If yes, what would be the demand payable.