Dear sir\/madam,
\nIn a search, certain declarations were made. This was included in the return filed u\/s 153A. In concluding the 153A assessments, certain other additions were made which are contested in pending first appeal. The penalty notice u\/s 271AAB has been issued in respect of the declaration and no order is yet passed. In case, VSV Scheme is opted for, can we, in law, expect the penalty u\/s 271AAB to be dropped? Our understanding is that, the penalty does not relate to “tax arrears” nor is the declared amount an issue under appeal. Will be grateful to your views.
\nThanks in advance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dear sir\/madam, In a search, certain declarations were made. This was included in the return filed u\/s 153A. In concluding the 153A assessments, certain other additions were made which are contested in pending first appeal. The penalty notice u\/s 271AAB has been issued in respect of the declaration and no order is yet passed. In case, VSV Scheme is opted for, can we, in law, expect the penalty u\/s 271AAB to be dropped? Our understanding is that, the penalty does not relate to “tax arrears” nor is the declared amount an issue under appeal. Will be grateful to your views. Thanks in advance.<\/p>\n