Re: Issues to be settled .

Which are the cases the assessee should opt for the scheme ?

There cannot be general guidelines , one has to take the decision considering the facts of each case . One may consider following issues may be worth settling ;  

 

-Honourable Tribunal in many of the matters held that no disallowance u/s 14A of the Act can be made in respect  strategic investments  however the Honourable Supreme Court in  Maxopp Investment Ltd ( 2008) 402 ITR 640 (SC) up held the disallowances on strategic investments   also refer , Ashish Estate & Properties (P.) Ltd. v. CIT (2018) 257 Taxman 585 (Bom.)(HC)

 -The department may be in appeal before the High Court or before Appellate Tribunal. Now the Supreme Court is against the assessee in   hence such issues it may be desirable to settle by paying only 50% of tax in dispute.

-In case of Bogus purchases, the Tribunal has estimated the GP and the assesees have filed an  appeal against the order of the Tribunal to avoid the penalty and prosecution. In such cases it may be desirable for the assesees to approach the scheme.

-Appeal matters  relating to, bogus penny stocks , bogus share capital , bogus expenses etc  are desired to be settled under the Scheme. 

 

-In Bombay High Court appeals since 2003 are pending for final disposal. There could be matters which are covered against the assessee by the Supreme Court, Jurisdictional High Court, or other High Courts considering the merits of the case the  it may be desirable for such an assesses to avail the Vivad se Vishaws Scheme.

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