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2022 (12) TMI 1123 - AT - Income TaxLevy of penalty u/s 271C - Whether appellant is entitled to immunity from penalty as the appellant has opted for VSVS in respect of order u/s 201(1)? - HELD THAT:- It is pertinent to note that the assessee filed application dated 09.12.2020 wherein the assessee opted for Vivad se Vishwas Scheme and the Revenue issued Form No. 3 on 11.02.2021 thereby determining the settlement amount. Which was paid by the assessee on 19.03.2021 as per Form 4 and Form 5 was issued on 09.04.2021 thereby giving order for full and final settlement of tax arrears in respect of the dispute under Section 201(1)/201(1A) of the Act. Since the dispute is related to the quantum of 201(1) proceedings the same is already settled and therefore, penalty cannot be imposed subsequently under Section 271C of the Act. Thus, the penalty proceedings by the Department and confirm by the CIT(A) is deleted. The appeal of the assessee allowed.
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