Re: Rate of Tax
In case of search assessment u/s 143(3) passed earlier with addition made of Rs 20,00,000/-. appeal filed and pending. Subsequently their was search and the relevant assessment year also falls in the Block. Assessment U/s 153A/143(3) passed on the same addition of Rs 20,00,000/-. If we file for VSV what will be the tax rate applicable 100% or 125% on the above income which was earlier assessed U/.s 143(3) and same repeate again in 153A.
We presume that there was search earlier and the assessment was finalised under section 143(3) of the Act and the appeal is pending . Mean time one more search and seizure action was initiated and the order was passed u/s 153A , read with section 143(3) of the Act. One the relevant assessment is covered under the search and seizure action the rate of tax applicable will be at 125% as per section 3 (b) of the VSV Act.
Assessment u/s 143(3) passed earlier with addition made of Rs 20,00,000/-. appeal filed and pending. Subsequently their was search and the relevant assessment year also falls in the Block. Assessment U/s 153A/143(3) passed on the same addition of Rs 20,00,000/-. If we file for VSV what will be the tax rate applicable 100% or 125% on the above income which was earlier assessed U/.s 143(3) and same repeate again in 153A.