Re: partial allwance in appeal
IN original assessment under section 143(3) AO rejected books of account and estimated net profit @10 of turnover . On appeal CIT reduced the deemed profit from 10@ to 6 @ of turnover. Both assessee and department in appeal before ITAT . Now what is disputed tax and amount payable under Vivad se Vishwas scheme.
As we understand, there is an assessee appeal against addition of 6 percent turnover and there is a departmental appeal on the addition of 4 percent of turnover.
The assessee is at liberty to settled the assessee’s appeal under VSVA or the Departmental appeal or both. The departmental appeal will be settled at 50 per cent of disputed tax amount.
1. The answer depends upon your choice.
2. If you want to settle dispute in only your appeal –
Then your disputed tax is the tax on income @6% less
returned income. To be paid 100% by 30.06.2020.
3. If you also want to settle the dispute involved in department’s appeal- 50 % of the tax payable on income@10% as per Assessment Order Less Income determined by CIT(A) @6% of turnover.
4. You can choose to settle either – only your own appeal or both the appeals.