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2023 (4) TMI 1252 - ITAT RAJKOTReopening of assessment after opting the VSV Scheme and finalizing thereof - HELD THAT:- As carefully considered the facts of the matter and the judgment relied upon by the Ld. Counsel in the case of GopalaKrishnan Rajkumar [2022 (5) TMI 1388 - MADRAS HIGH COURT] wherein as pleased to observe opting the VSV Scheme and finalizing thereof is nothing but the closure of disputes in respect of tax arrears which cannot be subsequently reopened by issuing notice u/s 263 of the Act for revising the assessment order. Needless to mention that the view is squarely applicable in favour of the assessee before us. A bare reading of the above Section, particularly, sub-section (3) of Section 5 clearly rejects restriction in reopening in any other proceeding under the Income Tax Act or under any other law for the time being in force in any matter covered by such order which has been passed under sub-section (1) determining the amount payable under this Act which has been said to be conclusive. In that view of the matter, the impugned order passed by the Ld. PCIT, is according to us, lacks jurisdiction and the same is, therefore, not sustainable in the eye of law. Thus, the impugned order is quashed. Assessee’s appeal is allowed.
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