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2023 (10) TMI 42 - GUJARAT HIGH COURTRevision u/s 263 - settlement of dispute under the Direct Tax Vivad Se Vishwas Act - Whether 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? - HELD THAT:- As decided in case of Gopalakrishnan [2022 (5) TMI 1388 - MADRAS HIGH COURT] once the petitioners had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020, the proceedings initiated under Section 263 have to go. If on the other hand the respective petitioners had not filed Form 1 and 2 or not accepted with the issue of Form 3, the Impugned Notice seeking to re-open the assessment under Section 263 of the Income Tax Act, 1961 could be justified. Tribunal therefore cannot be faulted for allowing the appeal of the assessee as it was not open for the authorities to initiate proceedings under Section 263 of the Act, when they were barred.
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