Re: Computation of Amount to be Refunded as per VSV Form where Partial amount has already been refunded by the Departmentof
The Assessee challenged the Order of the High Court u/s 260A for A.Y 1992-93 by filing an SLP in the Supreme Court in October 2012 on grounds of allowability of expense of non compete fee paid.
The A.O Assessed the Tax of the Assessee as per Order u/s 260A in 2014 at Rs. 36,71,004
The Order of the A.O was challenged by the Assessee in a second round of appeals on grounds of quantum of non-compete Fee in the CIT(A) and subsequently the ITAT. Post the Order of the ITAT allowed a relief of 4,14,571 in 2019, The A.O reassessed the Income of the Assessee by considering a lower quantum of non compete fee. Basis the Reassessment, partial amount was refunded to the Assessee. However, the SLP filed in the SC is still pending regarding allowability of Non Compete Fee. The Assessee intends to file an application in the DTVSV Scheme regarding the pending SLP.
Q1. In Part B of Form-1 of VSV Scheme what should be the Date of Order by which Tax Arrear is determined. Should it be the Assessment made after Order for computation of Income by A.O made u/s 260A in 2014 of Order of Reassessment for computation of Income by A.O made u/s 254 in 2019.
Q2. In Part C of Form 1 of VSV Scheme, where should the Assessee mention details regarding partial amount of refund made by the Income Tax Department post reassessment in 2019.
Please refer Please refer Ans to Q.No 50 Clarification issued by Board F.NO IT (A) /2020 -TPL Circular No 7 /2020 dt 4 -03 -2020 .As per the clarification the Assessing Officer will verify and pass the order . The assessee must specify the regarding the partial consequential relief allowed by the Assessing Officer
Thank you Dr. Shivaram