Re: Quantum and Penalty Appeal
We have a Quantum and Penalty appeal of the same year in CIT.
Would like to know if we opt for VSV scheme only for Quantum, whether the penalty appeal will be set off? Or we have to pay both the quantum and penalty appeal?
Yes, on settlement of quantum, penalty would be waived. Please refer to Q. No. 8 of CBDT Circular 9 of 2020 Dated April 22, 2020. Which states that, if both quantum appeal covering disputed tax and appeal against penalty levied on such disputed tax for an assessment year are pending, the declarant is required to file a declaration form covering both disputed tax appeal and penalty appeal. However, he would be required to pay relevant percentage of disputed tax only. Further, it would not be possible for the appellant to apply for settlement of penalty appeal only when the appeal on disputed tax related to such penalty is still pending.
We have already filed quantum appeal under VSVS and now penalty appeal is pending for filing for same assessment year. At the time of filing the form, we are unable to file penalty appeal as it is showing “select the valid filing type” when we select the AY in which we have already filed for qunatum appeal for the same year.Please help me.
ANYBODY CAN TOLD ME…… WHAT IS DEFINITION OF QUANTUM APPEAL ?