TMI Blog2020 (10) TMI 1208X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of the President on 17th March 2020 and published in the Gazette of India on 17th March 2020. In terms of the said Act, the assessee has been given an option to put an end to the tax disputes, which may be pending at different levels either before the First Appellate Authority or before the Tribunal or before the High Court or before the Hon'ble Supreme Court of India. The assessee is given liberty to restore this appeal in the event the ultimate decision to be taken on the declaration to be filed by the assessee under Section 4 of the said Act is not in favour of the assessee. If such a prayer is made, the Registry shall entertain the prayer without insisting upon any application to be filed for condonation of delay in restor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary value of shares is to be assessed as deemed profits in the hands of assessee-HUF? 2. Whether the Tribunal was correct in law in upholding the addition by the officer without establishing the nexus between the allotment of shares and the business of assessee for attracting the provisions of Section 28(iv) of the Act? 3. Whether the Tribunal was right in law in holding that deemed profits is to be assessed in the appellant-HUF hands whereas the shares allotted by the company at par value was to Anbukkarasu in his 'Individual' status? 4. Whether on the facts and in the circumstances of the case, the conclusion of the Tribunal is perverse in the absence of finding as to benefit that has arisen to appellant in view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liament received the assent of the President on 17th March 2020 and published in the Gazette of India on 17th March 2020. 5. In terms of the said Act, the assessee has been given an option to put an end to the tax disputes, which may be pending at different levels either before the First Appellate Authority or before the Tribunal or before the High Court or before the Hon'ble Supreme Court of India. Under Section 2(j) disputed tax has been defined. In terms of Section 3, where a declarant means a person, who files a declaration under Section 4 on or before the last date files a declaration to the designated authority in accordance with the provisions of Section 4 in respect of tax arrears, then, notwithstanding anything contained i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon any application to be filed for condonation of delay in restoration of the appeal and on such request made by the assessee by filing a Miscellaneous Petition for Restoration, the Registry shall place such petition before the Division Bench for orders. 8. In the light of the above, We direct the appellant / assessee to file the Form No.I on or before 09.11.2020 and the competent authority shall process the application / declaration in accordance with the Act and pass appropriate orders as expeditiously as possible preferably within a period of six (6) weeks from the date on which the declaration is filed in the proper form. 9. With this direction, the Tax Case Appeal stands disposed of with the aforementioned liberty and Conseque ..... X X X X Extracts X X X X X X X X Extracts X X X X
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