Before the introduction of S.153A ,the search assessment was made u\/s158 BC of the Act.The tax leviable on the undisclosed income was at60% . There are many cases pending in dispute on such BLOCK ASSESSMENT.
\nThere is a clear discremination under the VSV sheme as the tax rate under the new regime is 305 plus 25% of tax as penalty or 50% thereof if Department is the litigant.
\nWhile the search cases are the same under the scheme the assessment falling under the old regime are treated harshly as against assessment under the new regime.
\nThis discrimination should be removed by bringing the assessment under the old scheme on par with assement under the new regime by requiring payment of tax and the related penalty at the same rate to encourage assessees to avail the scheme,<\/p>\n","protected":false},"excerpt":{"rendered":"
Before the introduction of S.153A ,the search assessment was made u\/s158 BC of the Act.The tax leviable on the undisclosed income was at60% . There are many cases pending in dispute on such BLOCK ASSESSMENT. There is a clear discremination under the VSV sheme as the tax rate under the new regime is 305 plus 25% of tax as penalty or 50% thereof if Department is the litigant. While the search cases are the same under the scheme the assessment falling under the old regime are treated harshly as against assessment under the new regime. This discrimination should be removed by bringing the assessment under the old scheme on par with assement under the new regime by requiring payment of tax and the related penalty at the same rate to encourage assessees to avail the scheme,<\/p>\n