Re: Order u/s 263 issued after 31.1.2020
Assessee filed an CIT appeal against the order u/s 143 of the Act. The case has not yet heard. Subsequently notice u/s 263 of the Act is issued by the CIT and as on 31.1.2020, order u/s 263 has not yet been issued. In Feb 2020, order u/s 263 is issued to revert the case back to A.O on certain issues without quantifying any demand. In such case, whether assessee can go under VSV. If yes, what would be the demand payable.
As we understand, there is an appeal pending before the CIT(A) . The same can be settled under VSVA as the order under section 263 of the Income tax Act, 1961 is for certain specific issues not being the ones under appeal. It may be desirable for the assessee to file an appeal before the Tribunal against the revision order.
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