Re: As per form 1 & 2 under VSV the amount payable for AY 2014-15 on disputed tax is 2,27,11,500/- and refund of A.Y.2015-16 of Rs. 2,52,00,000 for A.Y. 1015-16 is likely to be received and the same is to be adjusted against demand of AY 2014-15 .There is no coloumn in Form 1 and 2 for the adjustment of the refund against the demand for the year for which VSV is opted.What is the remedy?

As per form 1 and 2 of VSV the amount payable before 31/12/2020 works out to Rs.2,27,11,500/-.How ever as per Rectification order for AY 2015-16 there is refund of Rs.2,52,00,000/-.So as per scheme there will be refund of Rs. 24,88,500/-.However there is no coloumn in the form 1 & 2 for adjustment of refund.What is the remedy?

As we understand, you have filled Form 1 & 2 thereby declaring an amount payable of Rs. 2.27 Crores and thereafter, a rectification order is passed to refund Rs. 2.52 Cr, by virtue of which there is now an amount refundable to the assessee under VSVA. It is advisable to file revised  Form 1 & 2  .  In case the revised form is not accepted , the querist may approach the designated authority . 

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