Re: AY wrongly mentioned in Form 1 and 2 of VSV Scheme

Company is in appeal pending with Hon ITAT for AY 08-09. In notice of demand u/s 156 AY was wrongly mentioned as AY 13-14. Company opted for VSV scheme and in form 1 and 2 AY wrongly mentioned as 13-14 in place of 08-09. The fact was communicated to DA thru various mails, however no communication and form 3 is still awaited.Query is
– How to proceed further under VSV scheme and
– as no notice of demand u/s 156 for AY 08-09 issued by AO , is demand sustainable ????

The assessee may have to wait for getting communication from the Designated Authority. It may be desirable to write one more letter to the Designated Authority . Designated Authority has to look in to substance  of the transaction . The wrong mentioning of the Assessment year in the notice of demand is a curable defects which can be rectified u/s 292BB of the Act .  The assessee can make an application to the Assessing Officer to issue rectified demand notice mentioning the correct assessment year .In case the application of VSV Scheme is rejected by the Designated Authority the assessee may have to file Writ petition before High Court against rejection order.  

 

 

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