Sir, The case of the assessee was selected for scrutiny and assessment was done u\/s 143(3) by making an addition of Rs. 55 lac to the returned income of Rs. (-)52 lac. So, the net income after the above mentioned addition is Rs. 3 lac (55-52). The assessee had carried forward the loss of 52 lac and utilised Rs. 8 lac for set off in 3 subsequent years. Balance unabsored loss of Rs. 44 lac (52 – 8) is yet to be set off as of now. Now the assessee wants to avail the benefit of VsV scheme and ready to pay the disputed tax on assessed income of Rs. 3 lac. Further, the assessee is also ready to pay the tax on the amount utilised for set off of loss ( 8 lac in 3 different years) and forego the balance unutilised loss of 44 lac. Is it possible ? Thanks<\/p>\n","protected":false},"excerpt":{"rendered":"
Sir, The case of the assessee was selected for scrutiny and assessment was done u\/s 143(3) by making an addition of Rs. 55 lac to the returned income of Rs. (-)52 lac. So, the net income after the above mentioned addition is Rs. 3 lac (55-52). The assessee had carried forward the loss of 52 lac and utilised Rs. 8 lac for set off in 3 subsequent years. Balance unabsored loss of Rs. 44 lac (52 – 8) is yet to be set off as of now. Now the assessee wants to avail the benefit of VsV scheme and ready to pay the disputed tax on assessed income of Rs. 3 lac. Further, the assessee is also ready to pay the tax on the amount utilised for set off of loss ( 8 lac in 3 different years) and forego the balance unutilised loss of 44 lac. Is it possible ? Thanks<\/p>\n