Re: 143(3) dtvsv

Dear Sir,

We have gone for an CIT(A) for adding back the directors loan as undisclosed income We have shown all the proof the oder was passed ignoring the 3rd director The AO computed the total income again with ef to CIT(A) ref we filed for rectification u/s 154 .we did notreceived any communication from department should we go for VSV scheme Its is a pvt lt company kindly reply

It seems the  asseessee is in a position to prove the identity , capacity and genuineness  of the  transaction by filing  confirmation  from the Director . it may be desirable to make an application under Rule 46A of the Act , and enclosing all the relevant materials .  The CIT (A)  may get the remand report may decide in favour of the assessee.  Still if the assessee desires to settle the issue the assessee can file the declaration, however the tax has to be paid  on the basis of tax in dispute pending in appeal .    

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