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2023 (10) TMI 1202 - MADRAS HIGH COURTCapital gain tax liabilities adjustment against the Direct Tax Vivad Se Vishwas scheme - Correct incidence/year of capital gains - transfer the challans standing to the credit of AY 2016-17, along with the applicable interest u/s 244A to the credit of the tax demand raised as per Form 3 issued as per Section 5(1) and Rule 4 of DTVSV Act - Seeking refund the excess income tax to the petitioner, and further direct the respondents to issue Form 5, after accepting manual filing of Form 4 by the petitioner. HELD THAT:- The concerned respondent has to make suitable adjustments either physically or by online and to transfer the amount paid under the Direct Tax Vivad Se Vishwas Scheme for the assessment year 2016-2017 to the assessment year 2014-2015 without any further delay. If there is any difficulty for the Department, it is for them to sort out the same without providing any inconvenience to the Assessee with regard to the transfer of challans standing to the credit of assessment year 2016-17 to the assessment year 2014-15. If e-filing or e-transfer is not possible, the respondent is directed to accept the same manually and pass suitable orders. Department has to consider the amount paid as capital gain for assessment year 2016-17 under the Vivad se Vishwas Scheme for the assessment year 2014-15 as no incidence of tax arose for the assessment year 2016-2017, but paid for the incidence of tax which arose for the assessment year 2014-15. Thus, suitable orders can be passed in accordance with law within a period of 30 days from the date of issuance of a copy of this order. Further, the concerned respondents shall accept the Form 4 and issue the Form 5 for the clearance as well.
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